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Not so sunny at Sunoco
The brutal economic drumbeat continues to pound away at American workers.
Punxsutawney Phil might just as well have predicted six more weeks of job cuts.
The February unemployment numbers for Pennsylvania were rolled out yesterday. They weren’t pretty.
The state’s economic nosedive translated into some of the steepest job losses since the downturn started. Pennsylvania lost 41,000 jobs in February. That comes to about one in every 140 jobs in the state.
The state unemployment rate now stands at 7.5 percent, that’s up a half percentage point from January. Looking for a sliver of good news? We’re still below the national average, which now tops 8 percent at a robust 8.1 percent.
It was awash in that kind of economic morass that Gov. Ed Rendell stepped to a microphone yesterday and tried to stick his finger in the dike, to plug the sieve that is Pennsylvania leaking jobs at a record pace.
Rendell took a jab at Sunoco, the oil giant that runs refineries in Philadelphia and Marcus Hook. The company, which posted a $776 million profit last year, recently announced it would cut 750 salaried positions, most of them in the Philadelphia region where it is headquartered. The firm also indicated they would offer buyout packages to refinery workers, just days after reaching new contracts with unions that failed to address the company’s desire to shave costs – and jobs.
Rendell termed the company’s layoff plans “unconscionable,” especially in light of the profits the firm posted last year. Sunoco doesn’t see it that way. They call it the prudent thing to do to keep the company competitive, profitable and attractive to investors amid a steep economic downturn. They said they have no intention of rescinding the layoffs.
In other words, last year is in the rear-view mirror. That was then, this is now. And now is not looking so rosy.
Rendell likely can sympathize with them there. The governor yesterday indicated he might consider temporarily furloughing workers as the state deals with a massive budget deficit. Thousands of state workers could be asked to take two unpaid days off a month to save the state $89 million.
The news was similarly bleak in Philadelphia, where Mayor Michael Nutter unveiled a budget that includes temporary hikes in both the property and sales taxes.
Of course, everything remains sunny at Sunoco. Unless you happen to be one of those 750 execs who is about to hit the bricks.
Your career was just eclipsed by a company that you helped to post profits of $1.6 billion over the past two years.
The TV show says “it’s always sunny in Philadelphia.”
Not at Sunoco.
Punxsutawney Phil might just as well have predicted six more weeks of job cuts.
The February unemployment numbers for Pennsylvania were rolled out yesterday. They weren’t pretty.
The state’s economic nosedive translated into some of the steepest job losses since the downturn started. Pennsylvania lost 41,000 jobs in February. That comes to about one in every 140 jobs in the state.
The state unemployment rate now stands at 7.5 percent, that’s up a half percentage point from January. Looking for a sliver of good news? We’re still below the national average, which now tops 8 percent at a robust 8.1 percent.
It was awash in that kind of economic morass that Gov. Ed Rendell stepped to a microphone yesterday and tried to stick his finger in the dike, to plug the sieve that is Pennsylvania leaking jobs at a record pace.
Rendell took a jab at Sunoco, the oil giant that runs refineries in Philadelphia and Marcus Hook. The company, which posted a $776 million profit last year, recently announced it would cut 750 salaried positions, most of them in the Philadelphia region where it is headquartered. The firm also indicated they would offer buyout packages to refinery workers, just days after reaching new contracts with unions that failed to address the company’s desire to shave costs – and jobs.
Rendell termed the company’s layoff plans “unconscionable,” especially in light of the profits the firm posted last year. Sunoco doesn’t see it that way. They call it the prudent thing to do to keep the company competitive, profitable and attractive to investors amid a steep economic downturn. They said they have no intention of rescinding the layoffs.
In other words, last year is in the rear-view mirror. That was then, this is now. And now is not looking so rosy.
Rendell likely can sympathize with them there. The governor yesterday indicated he might consider temporarily furloughing workers as the state deals with a massive budget deficit. Thousands of state workers could be asked to take two unpaid days off a month to save the state $89 million.
The news was similarly bleak in Philadelphia, where Mayor Michael Nutter unveiled a budget that includes temporary hikes in both the property and sales taxes.
Of course, everything remains sunny at Sunoco. Unless you happen to be one of those 750 execs who is about to hit the bricks.
Your career was just eclipsed by a company that you helped to post profits of $1.6 billion over the past two years.
The TV show says “it’s always sunny in Philadelphia.”
Not at Sunoco.
posted by Heron's Nest at
7:09 AM
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