Massive Job Losses

Wow. They just kept coming one after another. A number of Fortune 500 companies announced job layoffs today.

Caterpillar(CAT) announced that they will be cutting 20,000 jobs. Caterpillar, the largest manufacturer of construction equipment, has seen global demand for machine equipment fall off the map.

Home Depot(HD) is eliminating 8,000 more jobs and closing 125 stores. The housing market has not yet bottomed and sales are not improving at the nation’s largest home retailer.

GM(GM) is laying off 2,000 people and cutting vehicle production amid reduced demand for its automobiles. It’s a bad time to be an auto manufacturer.

Sprint Nextel(S) is cutting 14% of their employee work force by laying off 8,000 workers. Sprint continues to lose market share to Verizon and AT&T.

Pfizer(PFE) will be cutting over 19,000 jobs after the completion of its merger with Wyeth.

Starbucks(SBUX) may be cutting as many as 1,000 employees.

Photo by texas_mustang

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8 Responses to “Massive Job Losses”

  1. avatar DROYS says:

    Every country is facing economical crisis except America.As a result of this crisis massive losses of job is intended to be happened. Companies needed to delete employees for them to gain much more money.But smaller employees will result to a poor production.

  2. avatar Renee says:

    I’m in agreement with cutting executive salaries and all bonuses need to disappear. It’s reality this is a recession. Maybe if we cut back on fat such as those, less employees need to be layed off. Only good thing that has come of these layoffs is that it’s been reported that people calling out sick has decreased. Employees are afraid of losing their jobs so if they are not really sick, they are at work.

  3. A lot of people are scared. Instead of being scared, there are many things you can do to put yourself in a nice situation such as: cutting expenses, saving money, paying off debt.

    Now is definitely not the time to be job hopping unless you are in a company with impending bankruptcy.

    Thanks for the post!

  4. avatar Rebecca says:

    With all the layoffs, not only are more people unemployed but there are so few jobs available for young people (like recent grads)that it’s truly a scary time to be new to the job market.

  5. avatar kimpalma says:

    Ouch! I really rally like your blog, because I can relate in it. And I’ve experienced the feeling of loosing a job in the time that you really need one. Nice blog.

  6. avatar Job Discovery says:

    I am always searching for online resources that can help me. Thank you!

  7. I needed your point of view. I have forwarded your website to quite a few good friends.

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