With No Economic Relief in Sight Big Companies Are Slashing Jobs

As if 2008 wasn't bad enough for the American worker. Now we are not even one full month into the year 2009 and with no economic relief to be found many big companies in America are slashing jobs. The jobs being lost are not just a few but totaling in the tens of thousands and the worst part is there seems to be no expectation of a let up any time soon.

Due to the recession that started in December of 2007, the American job market saw the loss of 2.6 million jobs last year, the highest amount since 1945. The unemployment rate for December of 2008 was 7.2 percent, the highest in 16 years, and it is predicted that that number is only going to get worse and rise (source: news.yahoo.com).

Just last week marquee companies slashed jobs at an alarming rate. Microsoft Corp. said it was going to cut 5,000 jobs over the next year and a half. Intel Corp. said it was cutting 6,000 manufacturing jobs and United Airlines parent company UAL said it was slashing an additional 1,000 jobs to go with the 1,500 from last year (source: news.yahoo.com). This week (January 26th) didn't start any better for the work force.

Today more big companies came out and announced big job cuts and some store closures. Home Depot, the number one home improvement retailer, announce that it was letting go of 7,000 jobs and will close some of its Expo Design Centers that include five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites, within the next two months. General Motors also announced another round of layoffs to the tune of 2,000 jobs at plants in Ohio and Michigan due to slow sales (source:news.yahoo.com).

Caterpillar Inc., the world's largest maker of mining and construction equipment, announced today 5,000 new layoffs in addition to earlier actions. The company has already had made cuts of 4,000 full time factory workers, cut its ties with 8,000 contractors and had another 2,500 employees accept a buyout. Not to be outdone, both Pfizer Inc. and Sprint Nextel Corp. said they will each slash 8,000 jobs respectively (source: news.yahoo.com). Sounds bad doesn't it?

That's because it is very bad. In fact a new survey by the National Association for Business Economics (NABE) shows the worst business condition in the United States since the survey began back in 1982 (source: news.yahoo.com). It seems to be going trend these days. Big companies and big layoffs. Unfortunately, the relief we so desperately seek as a country is nowhere in the near future and it would seem that it will get worse before it gets better. Such an environment is leaving the American worker to hold his or her breath and pray the dreaded "pink-slip" misses their desk.