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Job Cuts Keep Coming—Is Your Firm On the List?
Companies:News Corporation Limited | Estee Lauder Companies Inc | GlaxoSmithKline plc | Tiffany and Co | Magna International, Inc. | THQ Inc | Talbots Inc. | Tenneco Inc | Brown Shoe Company Inc | Cisco Systems Inc | Clorox Co | Fidelity National Financial, Inc. | Allergan Inc | Time Warner Cable | Time Warner Cable | Electronic Arts Inc | Liz Claiborne Inc | PNC Financial Services Group Inc | Huntington Bancshares Inc | Alpharma Inc | King Pharmaceuticals Inc | Macy's | Morgan Stanley | NEC Corporation | NEC Corporation | Strattec Security Corporation | Walt Disney Co | SAP Aktiengesellschaft Systeme, Anwendungen, Produkte | Pacific Sunwear of California Inc | Eastman Kodak Co | ASTRAZENECA PLC | Allstate Corp | Oshkosh Truck Corporation | Black and Decker Corp | Ford Motor Company | Best Buy Co Inc | Starbucks Corp | Readers Digest Associates Inc | Target Corporation | Baker Hughes Inc | Quiksilver Inc | Wyeth | Texas Instruments Inc | Corning Inc | General Motors Corp | Huntsman Corporation | Deere & Co | Home Depot Inc | Sprint Nextel Corp | Caterpillar Inc | Intel Corp | Microsoft Corp | UAL Corporation | Lee Enterprises Inc | Time Warner Inc | Eaton Corp | Clear Channel Communications Inc | Rohm and Haas Co | Bank of America Corp | Hertz Global Holdings, Inc | Wellpoint Inc | Halliburton Co | Schlumberger Ltd | ALCOA Inc | Cigna Corp | Boeing Co | Walgreen Co | Lexmark International Inc | Cummins Inc | Visteon Corp | Oracle Corporation | ING Group, N.V. | Barclays PLC | Pfizer Inc | Barnes & Noble, Inc. | Ecolab Inc | Seagate Technology Holdings | Google Inc | MeadWestvaco Corp | Motorola Inc | Marshall & Ilsley Corp | Autodesk Inc
By: CNBC.com with Wires | 06 Feb 2009 | 11:20 AM ET
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More companies announced layoffs this week as the employment picture continued to dim.

News Corp. became the latest victim of the weakening economy, announcing it is planning on cutting jobs after reporting a quarterly loss on Thursday. 

CNBC.com

US employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years and the jobless rate shot up to 7.6 percent, according to a Labor Department report Friday that underlined a deepening recession.

January's job losses were worse than the 525,000 that had been forecast by Wall Street economists, who also had expected the unemployment rate to come in lower at 7.5 percent.

The bleak data is certain to be cited by the Obama administration as a fresh reason for Congress to speed up debate over economic stimulus proposals that could cost $800 billion or more.

Last month's job reductions were the largest since 602,000 in December 1974, while the jobless rate reached its highest level in more than 16 years.

"The economy is just falling into oblivion and it will get worse," said Greg Salvaggio, vice-president for trading at Tempus Consulting in Washington, shortly after the jobs report was issued.

Others agreed, saying it intensifies pressure for the government to try something to prop up the economy.

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

  • GlaxoSmithKline [GSK  Loading...      ()   ] did not spell out the number of jobs it would cut but analysts expect thousands more positions to be shed from a global workforce of around 100,000.
  • Reeling from a precipitous slump in global holiday sales, Tiffany & Co [TIF  Loading...      ()   ], has laid off an undisclosed number of employees around the world, including several at its Westport and Greenwich stores.
  • Estee Lauder [EL  Loading...      ()   ] said it would cut 2,000 jobs, or 6 percent of its work force, over the next two years as the apparel firm grappled with a 30 percent drop in its second-quarter profit and a difficult outlook for the coming year.
  • Magna International [MGA  Loading...      ()   ] will close its gear assembly plant in Syracuse, New York, after workers rejected a contract the company said wasnecessary to keep the factory competitive. The shutdown of the New Process Gear facility will ultimately eliminate 1,400 jobs.
  • THQ [THQI  Loading...      ()   ] posted a quarterly loss as sales of video games fell more than expected, and also said that it plans to layoff 600 people in fiscal 2010 and cut spending.
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