Despite the U.S. unemployment rate approaching levels economists associate with full employment, the tech sector has seen some big waves of layoffs in 2017, with many of the deepest cuts coming at long-term incumbents - either giants like Oracle or Microsoft, or once indie darlings growing long in the tooth like Etsy - as the companies pivoted to find a place in a changing marketplace.
The jobs are in the electrical power division, which makes the giant turbines and generators that the company estimates provide about one-third of the electricity produced around the world. GE is by far the worst-performing stock in the Dow this year, down 44%, and CEO John Flannery, who took over in August, has been trying to slash costs.
Though it has billions in the bank, Scripps Health will pursue layoffs in 2018 as part of a reorganization strategy that emphasizes lower costs and greater reliance on caring for patients outside of its five hospitals.
In 2008, before the financial crisis struck, the plant ran around the clock. Now, the mill coughs to life just five days a week, for eight hours at a time. The machines shovel 10-ton steel slabs into a furnace, where they are heated to 2,000 degrees, then funnel them through giant rollers and cooling jets of water, like a massive, fiery carwash.
Most of the affected jobs are in studio production, digital content and technology, ESPN President John Skipper told staff on Wednesday. "We appreciate their contributions, and will assist them as much as possible in this difficult moment with severance, a 2017 bonus, the continuation of health benefits and outplacement services," Skipper said in a memo posted online by the network.
The automaker will eliminate one of two shifts at its Warren, Michigan plant, which makes transmissions. The company won't say how many jobs will be affected, but the cuts could eliminate about half of the nearly 600 jobs at the plant. "Recent actions to reduce passenger car production have caused us to adjust transmission production," said GM's statement.
Macy's said it is closing about 40 of its roughly 770 existing stores. Four of the stores were recently closed and the remaining 36 will be shut early this year. See if your local store is on the list.
More than two dozen Kmart stores will be closing this spring, with liquidation sales beginning later this month, a Sears Holding Corp. spokesman told the Detroit Free Press . Company spokesman Howard Riefs declined to tell the Free Press the number of stores that would be closing, but added that the closures would be nationwide and include some Sears stores as well.