Job Cuts Keep Coming—Is Your Firm On the List?

More companies announced layoffs this week as the employment picture continued to dim.

Clorox, Time Warner Cable and Fidelity National Financial were among the latest names on Wednesday to announce job cuts.

Planned layoffs at U.S. firms reached their highest monthly level in seven years, while private sector job losses slowed slightly in January, according to reports that showed the more than year-old U.S. recession taking an increasingly heavy toll on employment.

CNBC.com

Private sector job losses slowed slightly in January, according to a report by ADP Employer Services that came in slightly below economists' expectations.

ADP said private employers cut 522,000 jobs in January versus a revised 659,000 jobs lost in December. The December job cuts were originally reported at 693,000.

Economists had expected 530,000 private sector job cuts in January, according to the median of 27 forecasts in a Reuters poll, which ranged widely from a drop of 720,000 to losses of 495,000.

The impact of an economic slump that is likely to be the most protracted since the 1930s Great Depression is broadening across a wide range of industries, outplacement company Challenger, Gray & Christmas said in its monthly report on U.S. job cuts.

Job cuts announced in January totaled 241,749, up 45 percent from December's 166,348. Layoffs were up from 74,986 in the year-ago period.

Economists and investors are anxiously awaiting this Friday's report on December employment.

Here is a rundown of corporate job cuts announced so far this year:

• Fidelity National Financial , the largest U.S. title insurer, said it cut 1,500 jobs in January, and posted a fourth-quarter loss as the housing slump drove down home sales and refinancings.
• Clorox posted a lower quarterly profit, as consumers bought cheaper products and used up what they had at home, and said it would cut 170 jobs due to the tough economy.
• Allergan , maker of the anti-wrinkle treatment Botox, reported lower fourth-quarter earnings that beat Wall Street forecasts and said it would lay off 460, or 5 percent, of its workforce because of the recession.

• Time Warner Cable says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second largest cable operator.
• Electronic Arts said it would cut 1,100 jobs, or about 11 percent of its workforce, higher than the 1,000 it announced in December. It also plans to close 12 facilities as it narrows its product portfolio.
• Fashion company Liz Claiborne said that it planned to cut 725 jobs, or 8 percent of its U.S. workforce, to reduce costs in a weak retail market.
• PNC Financial Services said it plans to cut 5,800 jobs following its recent purchase of troubled lender National City, and posted a fourth-quarter loss tied to the transaction.
• Huntington Bancshares said that it was cutting 500 jobs, or about 4 percent of its workforce, as part of moves to slash $100 million in costs in 2009.
• Forest-products company Tembec said it would shut down several facilities, affecting about 1,400 employees, due to the depressed markets for lumber, pulp and newsprint.
• King Pharmaceuticals is cutting 760 jobs, or 22 percent of its workforce, as part of a restructuring designed to reduce costs. About 240 of the job losses are corporate positions associated with King's $1.6 billion acquisition of drugmaker Alpharma.
• The 7,000 job cuts at Macy's account for 4 percent of the company's work force. In addition to the job cuts, the retailer said it is cutting the 401(k) contribution it provides to existing employees. Also hurting Macy's shares was a dividend cut, to 5 cents per share from 13.5 cents.
• Morgan Stanley plans to cut about 3 to 4 percent of its work force, or up to 1,880 people, as it battles with spiraling costs and slowing business, according to people familiar with the matter. This wave of layoffs comes in addition to 7,000 layoffs the firm announced in 2008.
• Caterpillar said it was laying off an additional 2,110 workers as the company scrambles to cope with a downturn in demand for its construction and mining equipment.

CONTINUED : The Employment Gloom Continues...

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