Tuesday, January 27, 2009

Job Cuts 2009

Brutal Job Losses Continue In 2009
The job market is off to a terrible start this year, with companies announcing more than 80,000 job losses so far, in one of the most painful symptoms of the ongoing recession. Circuit City Inc. is the biggest culprit of 2009. The bankrupt retailer said on Friday that it is shutting down because of dried-up consumer spending and liquidating its 567 U.S. stores, dooming some 30,000 jobs.

Workers around the world face losing their jobs as several big corporations announced more than 70,000 layoffs in one single day. The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs. In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts

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