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The job loss tally so far today: 54,500. Cuts are coming across [COLOR=#005497 ! important][COLOR=#005497 ! important]industries[/color][/color] as further weakness in the economy keeps major employers slashing away.
On the same day it agreed to buy rival drugmaker Wyeth, Pfizer said it would cut 15 percent from its combined workforce (that's a bit less than 19,500 jobs). Meanwhile, Caterpillar is faring poorly in the global recession. It's cutting its workforce by 20,000 including 11 percent of its workforce, or 12,000 jobs, and 8,000 contractors. Home Depot, a lingering victim of the downturn in both consumer spending and housing, said it would slash another 7,000 jobs as it shutters its high-end EXPO [COLOR=#005497 ! important][COLOR=#005497 ! important]business[/color][/color]. And finally, Sprint Nextel is eliminating 14 percent of its workforce, or 8,000 jobs.
Update: Add another 6,000 to the tally above. Philips Electronics is cutting too.
Here's the latest news from Caterpillar (released 11 hours ago - rather than your link from ONE YEAR AGO):
"DECATUR - Caterpillar Inc.'s fourth-quarter results beat analysts' expectations, and the company said it has been hiring back workers laid off from its Decatur plant as mining demand picks up."
Here's the latest news from Caterpillar (released 11 hours ago - rather than your link from ONE YEAR AGO):
"DECATUR - Caterpillar Inc.'s fourth-quarter results beat analysts' expectations, and the company said it has been hiring back workers laid off from its Decatur plant as mining demand picks up."
Well YEAH that's what happens when you START a year after the worst financial collapse in nearly 75 YEARS. Those are FULL YEAR numbers comparing 2009 to 2008 (which was mostly BEFORE the financial collapse of September 2008). Any idiot knows that we entered 2009 in major economic collapse mode - that's not the point. The point is "WHERE ARE WE HEADED NOW?" And where we are headed now is towards RECOVERY - as evidenced in this case by Caterpillars hiring and their IMPROVED OUTLOOK.
From YOUR link:
"Caterpillar, the heavy equipment maker, said on Wednesday that fourth-quarter profit fell as demand remained weak but that it expected sales to rebound in 2010 as the economy improved and dealers replaced inventory."
Deny all you want, but the fact is Caterpillar is NOW HIRING as opposed to FIRING like they were LAST YEAR at this time.
Well yeah - I never said layoffs were DONE. Layoffs in fact even occur when the overall economy is growing - but overall those layoffs are dramatically smaller and fewer than they were and hiring is already restarting in some selected sectors and companies. Over the next few months those layoffs should fade away to a relative few and more and more companies anounce they are picking up their hiring.
That's the way it ALWAYS works in the early stages of ANY recovery - and this one will be the same.
How many are they hiring to the number they fired?
Far less - so what?
Economic recoveries don't happen instantly and jobs lost in ANY recession don't reappear all at once. Ronald Reagan presided over an unemployment rate in excess of 10% for 10 MONTHS and it remained higher than it was when he took office (7.5%) for nearly another FULL YEAR after that.
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