Thread: 85,000 jobs lost today on monday..

At least 85,000 new job cuts were announced in a single day Monday as the rampant financial crisis hit more workers across the globe and brought down Iceland's government.

In a sign of the deepening social impact of the crisis, companies announced an avalanche of cuts, piling pressure on US President Barack Obama as he pushes a stimulus plan for the world's biggest economy.
The job cuts came from some of the biggest US corporate names including Pfizer, General Motors, Caterpiller and Sprint Nextel, and news of additional downsizing came from Japanese automakers and Dutch bank ING.
"These are not just numbers on a page," Obama said as he pressed for urgent action on an 825-billion-dollar stimulus plan.
"As with the millions of jobs lost in 2008, these are working men and women whose families have been disrupted and whose dreams have been put on hold. We owe it to each of them and to every single American to act with a sense of urgency and common purpose. We can't afford distractions and we cannot afford delays."


The financial catastrophe also claimed a scalp as Iceland's Prime Minister Geir Haarde announced the resignation of his government after months of protests over economic policies that brought the country close to bankruptcy.


US construction equipment giant Caterpillar said it planned 20,000 job cuts worldwide to cope with plunging sales.
New York-based drug maker Pfizer announced it would acquire its rival Wyeth for 68 billion dollars, the largest pharmaceutical takeover deal in nearly a decade amid a dearth of corporate dealmaking due in part to a credit squeeze.


It said it would also cut its global workforce by around 10 percent -- meaning at least 8,000 posts cut in a company that currently employs almost 82,000 people in more than 150 countries.

When I woke up today and turned on the news (got to love Robin Meade) around 8:15 it was stated that 3,500 jobs were already lost today. Haven't checked the numbers recently but I'm assuming there has already been more.

Originally Posted by bmnehls

When I woke up today and turned on the news (got to love Robin Meade) around 8:15 it was stated that 3,500 jobs were already lost today. Haven't checked the numbers recently but I'm assuming there has already been more.

ya, im wondering when we will hit bottom. They are saying 2009 is going to be horrible. Brace yourselves up, its going to be a bumpy ride

I am sure the economy will improve in no time. There are so many companies cutting jobs where I live too, it is very scary.