Job Cuts Keep Coming—Is Your Firm On the List?
The number of job cuts continued to soar this week, reflecting the worsening US recession.
Private sector job losses accelerated in February, according to a report by ADP Employer Services that suggests hefty employment declines are on the way in the government's payrolls report due on Friday.
Meanwhile, a separate survey on planned layoffs showed a slower pace for job cuts in February than in January.
ADP said on Wednesday that private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January.
The January job cuts were originally reported at 522,000.
It was the biggest job loss since the report's launch in 2001 and showed the misery of declining employment spreading broadly and evenly throughout the economy.
The service sector, which often resists the grip of recession longer than other areas, accounted for more than half of the total losses, reflecting the rapid deterioration of the economy in recent months.
Here is a rundown of corporate job cuts announced so far:
- Adecco , the world's largest staffing company, painted a bleak outlook for 2009 and said it would slash more jobs after posting a surprise fourth-quarter loss as the economic slump bites, hitting shares.
- Warren Buffett's reduced staffing last year in half of its nearly 80 operating units, and said more job cuts were comingin an economy unlikely to recover before 2010. Many of the deepest cuts came in businesses tied closely to the housing market. Clayton Homes, a manufacturing housing unit, eliminated 2,290 jobs, or 16 percent, to end the year with 11,998 workers. Carpeting maker Shaw Industries shed 1,900 jobs, or 6.2 percent, to end with 28,974 workers.
- Home Shopping Network operator HSN cut about 250 jobs during the fourth quarter, and cancelled merit increases for 2009 to contain costs.
- ValeInco, the nickel mining and processing division of Brazil's Companhia Vale do Rio Doce , said it will eliminate about 900 full-time jobsin the face of slumping prices.
said it would shut most of its U.S. consumer lending business, cutting 6,100 jobs, but that it was ready for acquisitions in its traditional stronghold of Asia where many banks are pulling out to focus on their core markets.
—Sources: AP, Reuters, with CNBC.com staff.