Cindy McCain Just Like Any Other Female Human

Despite the media’s portrayal of her, Cindy McCain says she is a down-to-earth person who enjoys breathing oxygen and consuming earth food for energy.

h/t The Onion

Mississippi and Tennessee Taking More Job Loses

Whirlpool to lay off 5,000 workers as profit declines

The Wall Street Journal (10/29, Cameron, Brat) reports, “Whirlpool Corp. more than doubled its planned layoffs through next year to about 5,000 people as its profit fell 6.9 percent in the third quarter.” The manufacturer “also cut its earnings outlook, suspended its stock-buyback program and said it would raise prices further.” Company officials noted that “some consumers are delaying replacing appliances that are beyond repair” because of current economic conditions, but added that “such consumers eventually will buy the company’s [wares] because they are critical for maintaining a modern standard of living in the US.” Even so, Whirlpool “is uncertain enough about the global economy that it delayed forecasting its 2009 profit until early next year.” The Journal notes the company “is cutting production in the US and Europe by 20 percent in the fourth quarter and shutting plants in those two markets as well as Mexico.

Regarding the job cuts, the AP (10/29) notes that “about 500 are salaried and contract positions throughout North America, including approximately 300 in or near its corporate home of Benton Harbor, Mich. Another 1,900 overseas jobs are being trimmed, mostly in Europe.” Whirlpool will also “close a dishwasher plant in Jackson, Tenn., probably during the third quarter of 2009, and move production to a larger Whirlpool dishwasher factory in Findlay, Ohio. About 500 workers in Jackson will lose their jobs.” The announcement follows previous initiatives to “close four other plants, two in the United States and two in Mexico, displacing about 2,000 employees.”

Bloomberg News (10/29, Wolf) adds, “The global financial crisis, declining home values, rising unemployment and lower consumer confidence will keep appliance sales from rebounding anytime soon,” according to Chief Executive Officer Jeff Fettig. Analyst David MacGregor agreed, saying, “The outlook for any company that is selling products to the consumer right now is pretty bleak. … There is no sign of relief anytime soon.” MacGregor added, “Whirlpool appears to be” cutting costs and preparing for a downturn, “and management deserves credit for it.” The article notes, “In July, the company raised its 2008 projection for the increase in the cost of steel, copper and other raw materials used to make appliances to as much as $650 million.”

Forbes (10/29) reports that Whirlpool “slashed its forecast for free-cash flow to a range of zero to $50.0 million this year from an earlier view of up to $550.0 million.” The company “posted earnings of $163.0 million, or $2.15 per share, on sales of $4.9 billion, in the latest period, compared with profits of $175.0 million, or $2.20 per share, on sales of $4.8 billion, in the year-earlier quarter. AFP (10/28) also covered the story.