Bad News on Jobs, Manufacturing Front

By January 26, 2009Economy

From the Washington Post, “Major U.S. Companies to Slash 45,000 Jobs“:

American companies announced job cuts totaling 45,000 this morning, as the global downturn slammed the profits of exporters like Caterpillar and a domestic recession hit hard at retailer Home Depot.

As companies begin announcing their financial results for the end of 2008, they are also moving fast to cut costs in response to poor results and a diminished outlook for the coming year.

The job cuts announced so far today include 20,000 at heavy equipment maker Caterpillar, 8,000 at the Sprint Nextel telecommunications company, 7,000 at Home Depot, and 8,000 anticipated from the pending merger of the Pfizer and Wyeth pharmaceutical companies.

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