The final week of January began with a bloodbath for the job market, as over 71,400 more cuts were announced on Monday alone.
At least six companies from manufacturing and service industries announced cost-cutting initiatives that included slashing thousands of jobs.
More than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945.
“It’s all about the consumer, and the consumer’s been hit hard
Construction machinery manufacturer Caterpillar (CAT) said Monday it will cut 20,000 jobs amid a “very challenging global business environment.”
Pfizer (PFE) said in an earnings report it would cut 10% of its staff of 81,900 and close five of its manufacturing plants. And a second round of cuts will shed about 15% of employees from the combined Pfizer/Wyeth staff of 120,000. That makes a total of 26,000 jobs lost. The company already cut 4,700 jobs in 2008.
Sprint Nextel Corp. (S) will cut a total of about 8,000 jobs by March 31
Home Depot (HD), the world’s largest home improvement retailer, announced Monday it will eliminate its EXPO design center business and cut 7,000 associates, or approximately 2% of the company’s total workforce.
Texas Instruments (TXN) said it will slash its workforce by 3,400 employees to cope with weak demand and the slowing economy.
Dutch financial group ING said Monday it will take a 2008 loss of $1.3 billion and cut 7,000 jobs.
Deere& Co. (DE) , the world’s top farm-equipment maker, said it would cut nearly 700 jobs between factories in Brazil and Iowa.
Wednesday, in particular, was littered with a slew of job cuts: BHP Billiton, Clear Channel Communications, Intel, Rohm and Haas Co., UAL Corp. and Williams-Sonoma all announced job cuts totaling over 27,000 positions.
Schlumberger said Friday that it will cut 5,000 jobs worldwide, with 1,000 of the cuts taking place in North America.
Also last week, Time Warner Inc.’s Warner Bros. Entertainment said it would cut about 800 jobs, or 10% of its worldwide staff in the upcoming weeks, while Microsoft unveiled its plan to cut up to 5,000 jobs – 5.5% of its global workforce.