At this hour about 40,000 Americans have joined millions more in a job search as several U. S. companies have announced thousands of job cuts totally up to 40,000 altogether. These latest round of layoffs are being attributed to the same thing that has cut jobs previously, and that’s the recession. Four of the largest and most effected companies are among the biggest employers in the country. Caterpiller, Home Depot, Pfizer, and Sprint have announced some of the biggest cuts.
Both Sprint and Pfizer said that they will slash 8,000 jobs each. Sprint Nextel, the nations third largest wireless provider, said by the end of March 13 percent of their workforce will be dropped. Pfizer, the country’s largest pharmacutical company, is saying that the 8,000 they plan to cut is about two percent of their workforce. Home Depot, which is known as America’s most premiere source for home improvement needs, are citing slow sales for the reason why they are cutting 7,000. But one of those biggest hit, biggest because they have a global impact, is Caterpiller. The worlds largest construction equipment manufactuer said that they after declining profits were forced cut almost 20,000, some of which have already been terminated.
Other companies that reported layoffs due to troubled times were Microsoft, Halliburton, Texas Instruments, General Motors, and the list goes on. Many companies who didn’t announce job losses today, have already done so over the past year. In fact if you haven’t heard anything about the company you work for don’t be surprised if you hear something by the end of the year, as this recession isn’t expecting to get any better. Department of Labor says that over half a million people lost jobs last month bringing the unemployment rate to 7.2, the highest it’s been in 15 years. That leaves 2008 the worst year for job loss since 1945.
Not for nothin’, but just the way 2008 ended makes a bleek outlook for 2009. I know many of us may be wrapped up in the hype of Barack Obama and the new administration, but he already warned us plenty of times, it probably will not be any better in a year or even two years. This is not a quick fix. We’ve heard it over and over again, but the economy is bad. Well for the sake of drilling it in, here it is again, the economy is bad!