Business NEWS

Layoffs hits U.S. economy: Spread to More Sectors of the Economy!

By Amarendra Bhushan for CEOWORLD Magazine Updated:January 27, 2009

On Jan. 26, U.S. companies slashed nearly 60,000 jobs new layoffs were announced at companies as varied as telecom giant Sprint Nextel, construction equipment maker Caterpillar, semiconductor manufacturer Texas Instruments, and pharmaceutical house Pfizer. Already 170,000 jobs have been lost in January. The U.S. economy lost 2.6 million jobs in 2008.

Unemployment rising to at least 9% this year, possibly reaching double digits in 2010. Thirteen states are already above the national average of 7.2%, with Michigan (9.6%), Rhode Island (9.3%), California (8.4%), and South Carolina (8.4%) topping the list.

Here is a list of corporate Layoffs in U.S, job cuts announced so far this year:

General Motors- 2,000 jobs
Caterpillar- 17,000 jobs
Sprint Nextel- 8,000 jobs, or about 14 percent of its workforce
Cummins- 800 jobs (Commercial Vehicles & Trucks)
Visteon- 2000 jobs (automotive supplier)
Marshall & Ilsley- 830 jobs
Azure Dynamics- 25 percent
Motorola- 4,000 jobs
MeadWestvaco- 2,000 employees
Google- closing three engineering offices and cutting 100 recruiters, 2,950 jobs, or 6 percent of its work force.
Seagate Technology- 800 U.S.-based workers
Home Depot- 7,000 jobs
Writedowns- 6,000 jobs
Farm-equipment maker Deere- 700 workers at factories in Brazil and Iowa.
Lexmark International- 250 jobs (Computer Hardware)
Ecolab- 1,000 jobs
Barnes & Noble- 100 jobs
Alcoa – 13,500 jobs (aluminum products)
Cigna – 1,100 jobs (Health Care Providers)
Boeing – 4,400 jobs (Aerospace)
Walgreen – 1,00 jobs (Drugstore )
Oracle- 500 jobs (Software)
Visteon – 2,000 jobs
Halliburton- N/A
Schlumberger- 1,000 jobs (oilfield services)
Delta Air Lines- 2,000 staff
Autodesk- 750 jobs
GE Capital unit- 7,000 and 11,000 jobs
Advanced Micro Devices- 1,100 jobs, 9 percent of its global staff
WellPoint- 1,500 positions, or about 3.5 percent of its workforces.
Hertz Global- 4,000 jobs worldwide
Barclays- 2,100 jobs
ING- 750 U.S. jobs
Cerberus Capital Management- 10 percent of its worldwide staff.
Clear Channel Communications- 1,500 employees—mostly in ad sales—of the 20,000 work force in the United States.
ConocoPhillips- 4 percent of its workforce
Pfizer- 2,400 sales staff, already cut about 15,000 jobs in the past two years, including 800 research jobs earlier this week

Like this article! ‹ Taco Bell, Not TBWA, Liable to pay $42 million to creators of Chihuahua mascot! Rick Warren’s Purpose Driven Connection Joins a Tough Magazine Market ›
Share this Post: Get It Delivered To Your Inbox