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

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:

• News Corp's CEO Rupert Murdoch, announced the company would slash costs and indicated layoffs were in store.

• GlaxoSmithKline 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 , has laid off an undisclosed number of employees around the world, including several at its Westport and Greenwich stores.
• Estee Lauder 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 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 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.

CONTINUED : The Employment Gloom Continues...

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