Let's Just Call It Layoff Day 2009

January 27, 2009

Monday was a doozy for economic news. In one fell swoop, several major global companies announced their plans to lay off thousands of workers. Collectively, the businesses plan to eliminate more than 65,000 jobs around the world. Economists are obviously worried about the pattern of layoffs, so now is as good of a time as any to plump up your emergency fund.

Caterpillar: 20,000 job cuts
Sprint Nextel: 8,000
Home Depot: 7,000
Pfizer / Wyeth merger: 8,000
General Motors: 2,000 cuts in Michigan and Ohio
Texas Instruments: 3,400
ING: 7,000
Philips: 6,000
Corus: 3,500

Source

11 Comments

Spectra 4 years 16 weeks

Scary stuff. I know my husband's company has been laying people off, but it's mostly been contractors that they've been cutting, so we're pretty sure my husband's job is safe. Plus, he's really GOOD at his job and since he's one of the few employees that can do the month-long business trips, he'll probably stay. And I'm fairly sure my job is safe because it's flu season and the hospital and clinics are packed.

356UIK 4 years 16 weeks

Yup. Pretty much. A lot of local businesses around me closed yest too :(

POPSUGAR Beauty 4 years 16 weeks

Yeah, the layoff news was so depressing yesterday. Maybe I'm too much of a doomer, but I think this is just the tip of the iceberg. I read in USA Today that a sr economist from Wells Fargo expects 3 million more jobs to be shed in '09. It is really depressing to consider.

Symphonee 4 years 16 weeks

This is just sad and I hope that every can make it through this with their sanity in tact. I see these people in my line of work everyday.It amazing what some people will put aside just to make ends meet.

aimeeb 4 years 16 weeks

luna08 4 years 16 weeks

This is terrifying! What makes it so scary is that it's EVERY sector. Nothing is safe. At least in previous recessions it was certain sectors such as tech. Craziness.

ilanac13 4 years 16 weeks

it;s just really scary to think about how things happen on such a large scale. i hope that the economy strengthens during the year and that more people have the opportunity to get jobs. this does not bode well for folks that are out of work. that's for sure. my fiance has been out of work since september and it's really really really hard for us right now.