Bloody Monday: Over 74,000 jobs lost

by wildcherry on Monday, January 26th, 2009 | Business, News

Caterpillar Inc., Sprint Nextel Corp., Home Depot Inc. and ING Groep NV led companies today announcing at least 74,000 job cuts as sales withered and construction slowed amid a global economic recession that may persist through 2009.

The final week of January began with a bloodbath for the job market, as over 74,000 more cuts were announced on Monday alone. From drugs to computer chips, top companies announced today that they laying off employees as a reeling economy took a heavy toll on the already strained job market.

Today’s biggest layoffs were at Peoria, Illinois-based Caterpillar. The world’s largest maker of construction equipment said it’s cutting 20,000 jobs after fourth-quarter profit fell by almost a third.

Pfizer Inc., the New York-based drugmaker that’s acquiring competitor Wyeth for $68 billion, said it will close five factories and eliminate 19,000 jobs, or 15 percent, of the combined company’s workforce.

Today’s efforts to downsize companies included layoffs and buyouts across the economic spectrum, and top economists predict that the job picture will worsen as the year goes on. The departures also come as negotiations continue in Washington on the size and shape of an economic stimulus package a priority for President Obama, in office for barely a week.

At least six companies from manufacturing and service industries announced cost-cutting initiatives that included slashing thousands of jobs.
More than 200,000 job cuts have been announced so far this year, according to company reports.

Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.”