This global recession seems to be picking up steam and getting harder to ignore. It’s become normal to hear about a new round of layoffs each day. Today alone 70,000 jobs have been cut across the US and Europe.
Among the largest cuts announced Monday:
+ Drugmaker Pfizer Inc, which is acquiring rival Wyeth, plans to cut 15% of the companies’ combined 130,000 workers – about 19,500 jobs.
+ Caterpillar Inc, the world’s largest maker of heavy equipment, plans to lay off 17,000 workers and buy out 2,500 others to cut costs.
+ U.S. mobile phone service provider Sprint Nextel Corp plans to reduce staff by 8,000, or 14% of its work force.
+ Home Depot Inc, the world’s largest home improvement retailer, said it would eliminate 7,000 jobs, or 2% of its work force, as it closes its Expo home design unit.
+ Amsterdam-based banking and insurance group ING said it plans to cut 7,000 jobs to save US$1.3-billion (1 billion euros) in 2009.
+ Dutch conglomerate Philips Electronics will cut 6,000 jobs after reporting its first loss since 2003.
+ Corus, Europe’s No. 2 steelmaker, said it would cut 3,500 jobs worldwide, 8% of its work force.
+ Spanish steel producer Acerinox said it may temporarily lay off workers at its Spanish factory, which employs 2,500 people, if demand does not improve.
Now if we can only create enough jobs here in BC, we could draw the unemployed from around the globe and drive condo prices through the roof!
I haven’t heard much about that old ‘decoupling’ theory lately, have you?