Tuesday, January 27, 2009

Big Job Cuts Announced on Bloody Monday

As the day continued on Monday, more and more U.S. companies announced job cuts. On the heels of their acquisition of Wyeth, Pfizer announced that 20,000 jobs will be shed in the deal (in yesterday's post about the acquisition, plezWorld predicted job cuts).

Last Friday, I was speaking with one of my fraternity brothers who works for Home Depot. He spoke of the axe falling on them on Monday morning. Well, as he predicted, Home Depot announced the loss of 7,000 jobs, mainly with the closure of their EXPO Design Centers - high-end decor stores. Home Depot's losses are a direct result of the catastrophic mortgage mess and depressed housing market - no new homes means no shopping for home improvement.

All told, over 70,000 job cuts were announced on Monday, with over 200,000 jobs lost in the first month of 2009.

Announced Job Loss Count in 2009
Circuit City30,000
Sprint Nextel8,000
TDK Corporation8,000
Home Depot7,000
Texas Instruments3,400
Advanced Micro Devices1,100
Saks Fifth Avenue1,100
Blue Cross Blue Shield1,000

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plez sez: when will the bloodbath end?!? this recession feels a lot worse than the internet bubble burst in 2000 (i lost my job back then, too, but it didn't seem to be this wide ranging and all-encompassing).

later this week, plezWorld will take a look at the proposed Obama Stimulus Plan to see how he plans to put me back to work! *smile*

~ ~ Citations ~ ~

Read the AJC.com article about Atlanta-based Home Depot job cuts.

Read the New York Times article about job cuts in the US and abroad.

Read the Financial Times article about over 76,000 announced job cuts on Monday.

Read the CNN Money article about Bloody Monday with massive job cuts announced.

Read the CNN Money article about American Express earnings dropped by 79 percent.

Read the CNN.com article about the state of Obama's economic plan in Congress.

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1 comment:

All-Mi-T [Thought Crime] Rawdawgbuffalo said...

fat lady aint started singing yet folk