Fortune 500 companies slash 821,000 jobs in 2009
By siliconindia   |   Friday, 16 April 2010, 15:52 IST   |    6 Comments
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Fortune 500 companies slash 821,000 jobs in 2009
New York: The Fortune 500 largest U.S. companies slashed a record 821,000 jobs last year, even as their collective profit soared more than three-fold to $391 billion, according to Fortune magazine, which issued the annual ranking on Thursday. The major job losses happened even as the Fortune 500 companies' 2009 profits grew 335 percent. However, the companies suffered an 8.7 percent drop in 2009 sales as the recession, the sharpest decline since 1983, took its toll and spared few industries last year, but the cost cutting, including the job cuts, more than offset that. Wal-Mart Stores, which benefited from more middle-class shoppers looking for lower-priced goods at its discount stores, returned to the top of Fortune's list, which ranks U.S. companies by 2009 sales, after finishing second last year. Lower oil prices last year bumped top energy companies such as No.2 ranked Exxon Mobil Corp and No. 6 ConocoPhillips down Fortune's list. Exxon topped last year's list and ConocoPhillips fell from No. 4. By mid-2009, companies were making fewer goods with far fewer workers. A pivotal turn began midyear. Sales bottomed, then began to rise gently, as headcounts continued falling, Fortune's Editor-at-large Shawn Tully wrote in an article accompanying the ranking.

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