Raytheon Co. (RTN) Financial News - The Weekly Layoff Report: The Jobs Picture Improves

Raytheon Co. (RTN)

The Weekly Layoff Report: The Jobs Picture Improves

Keywords: Layoffs, Jobs, Employment, Unemployment, Recession
Quote: The cuts will occur in Killeen, Texas, and Panama City, Fla., where a combined 1,200 will be laid off this year and the rest in 2011, reducing the company's total workforce of 8,000 by more than a quarter. Raytheon's(RTN -news-people) subsidiary Raytheon Missile Systems, the world's largest producer of guided missiles and one of the largest employers in southern Arizona, laid off about 225 salaried workers this week. The company has added staff in recent years, and this marks its first big layoff since 2002. Recent defense budget cuts have resulted in the cancellation of three major programs, and Raytheon is realigning its resources.As the economy continues to show signs of improvement and mass layoffs wane, the nation's attention is happily beginning to turn from job losses to job creation. The recovery may be slow and difficult, but we strongly believe that the era of widespread mass layoffs is behind us. Therefore this will be the final installment of "The Weekly Layoff Report." We fervently hope that we will not have cause to revive it again for a very, very long time.The Forbes.com Layoff Tracker, updated weekly, currently counts 703,385 layoffs announced at America's 500 largest public companies since Nov. 1, 2008....
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Raytheon Co. Stock Summary

Raytheon Company engages in the design, development, manufacture, integration, and support of technological products, services, and solutions for governmental and commercial customers in the United States and internationally. It operates in six segments: Integrated Defense Systems (IDS), Intelligence and Information Systems (IIS), Missile Systems (MS), Network Centric Systems (NCS), Space and Airborne Systems (SAS), and Technical Services (TS). The IDS segment provides ballistic missile defense, including space, air, surface, and subsurface; naval; and maritime and homeland security solutions. The IIS segment provides integrated ground systems for signal and image intelligence; weather and c...