Hi All,

The US economic miracle continues unabated today with the announcement by Goodyear that more heads will roll.

The article and link follow.

Enjoy
------
http://customwire.ap.org/dynamic/stories/G/GOODYEAR_JOB_CUTS?SITE=MOSTP&SECTION=BUSINESS

Nov 20, 10:35 AM EST

Goodyear Plans to Cut Another 1,200 Jobs

AKRON, Ohio (AP) -- Goodyear Tire & Rubber Co. is cutting another 1,200 jobs worldwide, saying the layoffs are necessary to slash costs at the struggling company.

The job cuts are in addition to 2,600 jobs eliminated earlier this year and previously announced plans to cut 1,100 positions when the company closes a tire plant in Huntsville, Ala., next month.

Goodyear announced the latest cuts late Wednesday when it reported a third quarter loss due to charges for staff reductions, manufacturing consolidations and a loss in its North American tire segment.

The nation's largest tiremaker also announced that the Securities and Exchange Commission has opened an informal inquiry into the company's earnings restatement from 1998 through 2002.

Goodyear announced last month that accounting system errors would force it to lower net income since 1998 by as much as $100 million.

The company said Wednesday that the adjustment in net income is $84.7 million through June 30.

Goodyear's third quarter loss of $105.9 million, or 60 cents per share, compared with a profit of $32.7 million, or 20 cents per share, in the same quarter a year ago.

The company's stock was down 2 cents to $6.46 in morning trading Thursday on the New York Stock Exchange.

Goodyear makes tires, engineered rubber products and chemicals at more than 90 plants in 28 countries. It employs about 92,000 people.