70000 Job Cuts Announced in One Day
Businesses across the globe announced the cuts of more than 70,000 jobs in only one day, which happened yesterday, while the economy sinks deeper into recession, leading to no sector being unaffected from the new wave of cuts. All of the job losses were announced within a couple hours of each other. The posts include: 4,000 losses in Britain and 45,000 losses in the United States.
Caterpillar, a construction equipment maker that operates in Australia, is axing 20,000 workers worldwide. Pfizer, a drug manufacturer, is to cut 19,000 jobs when they complete the takeover of Wyeth, one of their rivals. Sprint Nextel, a telecommunications company, is to shed 8,000 staff or 14% of their workforce. Home Depot, a home improvement retailer, is cutting 7,000 workers. Other businesses who announced job cuts yesterday include: General Motors, the car maker; ING, the insurance and banking group; Philips, an electronics firm; and Japanese car makers, who are to cut 25,000 staff by March.
These new announcements come after Intel and Microsoft, two computer firms, as well as United Airlines, said last week that they were to make deep cuts to their staff. Barack Obama, the new US President, sympathizes with the workers that are going to be affected by the loss. He said that these people are part of families that are being disrupted and whose dreams are being put on hold. Obama has used this shocking news as leverage, adding pressure on Congress to quickly pass a proposed $1.2 trillion stimulus package.