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.
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