It’s a tough job market for chief executive officers too. This year through the end of November, 1,361 CEOs left their posts, according to consulting firm Challenger, Gray & Christmas.
That’s already more than all of last year, and it’s within striking distance of the one-year record set in 2006. One surprise: Most of the CEO turnover is coming not from banks (156 moves so far this year) but from the health care industry (258).
Those leaving the corner office are also getting younger: In November, the average age of departing CEOs was 56, down from 59 a year ago.
Stuffing the retirement stocking.
There’s still time to sock away some retirement savings and get a credit on next year’s tax return.
For 2008, singles earning up to $26,500 can get up to a $1,000 saver’s credit after investing in an Individual Retirement Account or 401(k) plan, according to the Internal Revenue Service. Married couples earning $53,000 or less can get a credit of up to $2,000. The credit is on top of deductions investors can take for IRAs. Contributions to a 401(k) must be made by Dec. 31 to qualify for this tax year. For IRAs, investors have until April 15, 2009.
Last year, among the taxpayers who qualified, single filers received an average credit of $128, while married people filing jointly received an average of $213.
Win some, lose some.
Don’t be fooled by the record $161 million contract the New York Yankees recently gave star pitcher CC Sabathia (above). Major league sports aren’t immune to the recession. The National Football League, which reaps billions in revenue each year from television networks for the rights to air games, recently said it’s cutting about 150 of its 1,100 jobs — not players or coaches, but staffers at the league’s New York headquarters and producers for its website. The layoffs follow job cuts announced by other professional sports leagues.
Bleeding less.
Investors pulled a net $41.48 billion out of mutual funds in November, according to Morningstar estimates. That amount, roughly equal to the gross domestic product of Serbia, may sound like a lot, but it’s far less than the $111.27 billion investors yanked out in October.
Among big fund companies, Vanguard was one of the few to actually see inflows — $2.1 billion during the month, compared with a $5 billion outflow in October. Its Treasury bond funds were particularly popular as investors sought safety, Morningstar says.
The Associated Press
