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Drastic Job Cuts continue into 2009 - up to 200,000 jobs cut since January 1, 2009

Monday, January 26, 2009

In a day that will be known in history as 'Bloody Monday' today further signifies the reason why the Obama Stimulus Plan needs to become law. At least six companies have now announced that they will be part of the massive job cuts that have plagued this country during the present depression. In 2008 alone, there were at least 2.6 million jobs lost, and in 2009, we are already facing more than 200,000 job cuts.
So why are there so many cuts? It begins with weak companies that cannot hold their own in a time of crisis as we are facing now. These companies lay off their employees, and these people no longer have the purchase power to or the ability to purchase. Since companies are selling less , there are even more layoffs. It is just a vicious circle that seems to be engulfing the economy in every sector of business today.
So here is what happened just today....
Caterpiller, a construction machinery manufacturer decided to cut 20,000 jobs today.
Pfizer, plans to cut 10% of its staff which means approximately 8,200 people may loose their jobs. Then another 15% of employees, or about 1,800 people. Prior to 2009, they cut 4,700 jobs.
Sprint Nextel Corp plans to cut up to 8,000 jobs by March 31.
Home Depot - the world's largest home improvement retailer, plans to cut 7,000 jobs.
Dutch financial group ING, plans to cut 7,000 jobs because of a loss taken in 2008 of $1.3 billion.
Deer&Co, the world's top farm-equipment maker will cut up to 700 jobs between factories in Brazil and Iowa.
Other companies last week that were hit with job cuts were BHP Billiton, Clear Channel Communications, Intel, Rohm and Haas Co.,UAL Corp. and Williams-Sonoma, which eliminated 27,000 jobs.
Let's not forget about Schlumberger, cutting 5,000 jobs worldwide with 1,000 of those cut are in the United States.
Time Warner Inc.'s Warner Bros. Entertainment will be cutting 800 jobs and last but not least, MICROSOFT plans to cut it's workforce by 10% affecting 5,000 jobs.
Last but not least, IBM, the world's largest technology services company plans to lay off 2,800 jobs in the U.S.   Layoffs are to be split among software, sales & distribution areas.
"It's all about the consumer, and the consumer's been hit hard," said Robert Brusca, chief economist at Fact and Opinion Economics. "It's a vicious circle as weakness begets layoffs, which beget more spending weakness.The services sector is shedding jobs at a horrific pace, because that's where most of the jobs are. When the consumer is in tough shape it's hard for business to do well, because it all depends on consumption or investments."

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