Monday, Bloody Monday

In Uncategorized on February 5, 2009 at 5:37 pm

Last week started off with the cutting of over 65,000 jobs.

The final week of January started off with enormous cuts on the job market as over 65,000 people were left jobless.   On Monday the 26th, seven Fortune 500 companies made the massive cuts.   The most surprising cuts came from drug company Pfizer, who cut  20,000 jobs after cutting 4,700 jobs earlier in the year.  Pfizer is known for being able to make its way without cuts.  Others include construction equipment maker Caterpillar, lawn and farming equipment company Deere&Co., Home Depot, Sprint Nextel Corp. and Texas Instruments.

Other big cuts came the on Wednesday the 21st, as nearly 40,000 jobs were lost. 27,00 of the lost jobs came from BHP Billiton, Clear Channel Communications, Intel, Rohm and Haas Co., UAL Corp. and Williams-Sonoma.  The trend seems to be continuing as other companies like Time Warner and ING began to announce their need for possible cuts in the near future.  Even the almighty Microsoft is feeling the hurt as they plan to cut 5,000 jobs.

There is no telling what the future holds but according to Robert Brusca, chief economist at Fact and Opinion Economics,  as reported by CNN, there is hope in sight for Americans looking at the job market. “These recessions are like geometry,” Brusca said. “It looks like we’ll have a V-shaped cycle, in that we’re going into this with very sharp losses. This intense-phase recession will probably recover fairly quickly, with the job market coming out of it at the same angle it came in.”


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