Wednesday, January 28, 2009
The graphic shown further below is from yesterday's USA Today report on the wave of job cut announcements seen over the last few weeks.
Household names such as Caterpillar, Home Depot and Sprint Nextel said Monday that they are laying off a combined 35,000 workers in moves that stressed the severity of the worldwide recession and kicked off what is likely to be a week of gloomy earnings announcements, further job cuts and dismal data.Here's the graphic:
The layoffs continued Tuesday as Corning said it is cutting 3,500 jobs, or 13% of its payroll.
The news ratchets up the pressure on the Obama administration and Congress as lawmakers debate an $825 billion stimulus package intended to save or create millions of jobs. Far more job cuts are likely as consumer and business spending tumbles amid what many economists say is the worst recession the USA has seen since the Great Depression.
Naturally, the bad news is that things will get worse before they get better.