9,000 jobs terminated every day in January
By siliconindia   |   Monday, 02 February 2009, 18:28 IST   |    12 Comments
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9,000 jobs terminated every day in January
New York: With the world economy shrinking at a quick pace, about 9,000 jobs have disappeared worldwide on an average every day during the month of January. Moreover, of the 277 000 layoffs this year so far, 80,000 happened on January 26, as already reported. Feeling the heat of the financial crunch, construction machinery manufacturer Caterpillar, Japanese electronics major NEC and pharma giant Pfizer have announced over 20,000 job cuts each. Dutch entities - electronics firm Philips and financial services company ING - together would be axing 13,000 jobs in the coming months. Similarly, Caterpillar, Pfizer, telecom firm Sprint Nextel and home improvement retailer Home Depot together accounted for 61,000 lay-off announcements on January 26. Indian conglomerate Tatas-owned UK steel maker Corus would be reducing its workforce by 3,500. Moreover, companies like TDK, BHP Billion, Ericson, Corning, Motorola, Texas Instruments, Honda, Kodak, Ford Motor and Harley have also axed their workforce on January. Worsening economic crisis and declining consumer and business spending are forcing many companies to cut more jobs.

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