70,000 jobs lost today

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?

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Curtis
Curtis
11 years ago

ING: 1.3 billion saved / 7,000 layoffs = $185,714 per person. Can it really cost that much to employ someone at ING?!?

elise
elise
11 years ago

Supraboy: Sidelines is a good place to be right now, rather than laying on the tracks with a freight train bearing down on you!

😀

Supraboy
Supraboy
11 years ago

You haven't heard much about the decoupling theory because you got decoupled and you're sitting on the sidelines.

Anon
Anon
11 years ago

It's about time this topic gets discussed here! This is the single most important factor that will affect not only real estate but life in general. This is going to hit governments, businesses and individuals. And it is accelerating.

Please post local employment news if you know of any. Is anybody hiring these days?

Mold city
Mold city
11 years ago

I know of several local companies that are cutting back hours as well as cutting jobs. It's not uncommon to get offers of a few days off a month in exchange for taking a 10 percent pay cut. I suppose less income is better than no income these days.

mk-kids
mk-kids
11 years ago

Anecdote:

Hubby told me he was talking to his boss this morning and his boss was commenting on how many resumes he's receiving these days – warehouse work – and how many former employees are calling wondering if they might be hired back…

The times they are a changin'…

Stuckman
Stuckman
11 years ago

Report from The Pier

Approximately 30 tradesmen on site, most working on the several million dollar concrete blob showing above grade.

The rest of the site is basically devoid of humans.

Sales center dead empty, except for the very bored looking receptionist. (First person I've seen in a De Cotiss sales center in months.)

Not certain what to make of it. If there's a construction schedule it must be damn long. I believe they are attempting to complete the tower but are in no rush. Oldest construction crew I've ever seen. More greyhairs than the alternative.

realestatesplatter
realestatesplatter
11 years ago

Caterpillar also announced 20,000 jobs cut. It would indicate that companies are planning for a long period where equipment will not be required.

NO -LYMPICS
NO -LYMPICS
11 years ago

It's a no brainer,..WHEN , not "if"..it was all a matter of time. It was reported a while back Japan was flooded with Construction equipment from collapsed companies. In the mid 1990's the writing was on the wall re Pulp Mills. I had met an engineer who had told me his BC Company was designing mills in Asia, given the technology advancements allowed for a diverse source of raw material to create pulp. Unfortunately…it appears that too much of the modern world and its economy was tied to Mainand China. This was a ticking time- bomb waiting to go off. Unfortunately, this whole global economy tapestry is now unravelling and big time. Its getting to the point of out of control. No company, no matter how big , can weather the storm, it will either downsize, layoff or fold period.… Read more »

recessionwatch
recessionwatch
11 years ago

The job gone numbers are actually much worse, the bad news is hitting the news wires by the minute. Global job gone numbers are in the millions. 400,000 redundencies of Indonesian foriegn workers. The airport authority in Dubai says that the parking lots are full of abandoned vehicles left behind by fleeing foriegn workers who obviously had to leave with just the shirt on thier backs.

http://economictimes.indiatimes.com/News/Internat

obamaton
obamaton
11 years ago

Vancouver decoupled thanks to Gordon Campbell leadership and Vision hope and change campaign. Condo buying still good for Vancouver because rich asian need place to keep money safe from doom. Good time for everyone here in most beautiful land on planet place. Good times ahead. First post.