Thread: US Layoffs - 'No End In Sight'

Job-killing recession racks up more layoffs

BY JEANNINE AVERSA
• ASSOCIATED PRESS
• January 26, 2009

WASHINGTON -- The recession is killing jobs at an alarming pace, with tens of thousands of new layoffs announced Monday by some of the biggest names in American business -- Pfizer, Caterpillar and Home Depot.

More pink slips, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.

“We’re just seeing the tip of the iceberg -- the big firms,â€

In response to deteriorating business conditions, Caterpillar Inc., the world’s largest maker of mining and construction equipment, disclosed nearly 20,000 job cuts, most of which already have been made. They include 5,000 new layoffs of white collar workers, which will occur globally by the end of March.



Actually, this news from Caterpillar is not as bad as it initially sounded when they mentioned layoffs at the beginning of the article.

For one, they are laying off the more higher paid employees, who are more likely to have a financial cushion, as opposed to their blue collar workers who are least likely to have a cushion.

Secondly, and I think this is a biggie, these layoffs are occuring "globally" which would seem to indicate that....like Boeing.....they are going to eliminate jobs overseas first before cutting their domestic workforce.

Too bad the same can't be said for Microsoft.