Over 70K jobs cut in a single day
The deepening global economic recession claimed over 70,000 jobs in a single day, with six companies, ranging from manufacturing to telecom across the US and Europe, announcing job cuts as part of a cost cutting measures to grapple with the slump in consumer spending. With the bloodbath in the job market on Monday, the tally of total jobs lost in January so far crossed two million.
Construction machinery manufacturer Caterpillar, pharma major Pfizer, telecom firm Sprint Nextel Corp, home improvement retailer Home Depot were among the six major firms that announced massive job cuts.
A total of 207,120 jobs have been lost so far this year. Nearly 2.6 million people were rendered unemployed through 2008, the highest yearly job loss total since 1945. Caterpillar said it would cut 20,000 jobs amid a "very challenging global business environment".
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To read the ePaper, visit: http://epaper.financialexpress.com
Construction machinery manufacturer Caterpillar, pharma major Pfizer, telecom firm Sprint Nextel Corp, home improvement retailer Home Depot were among the six major firms that announced massive job cuts.
A total of 207,120 jobs have been lost so far this year. Nearly 2.6 million people were rendered unemployed through 2008, the highest yearly job loss total since 1945. Caterpillar said it would cut 20,000 jobs amid a "very challenging global business environment".
To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com
Labels: aterpillar, global economic recession, job cuts, job market, pharma major Pfizer, Sprint Nextel Corp, telecom
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