The Ticker

Job Cuts Get Brutal: Sprint, Pfizer, Home Depot, Caterpillar

By Kirk Shinkle

Posted: January 26, 2009

The job loss tally so far today: 54,500. Cuts are coming across industries as further weakness in the economy keeps major employers slashing away.

On the same day it agreed to buy rival drugmaker Wyeth, Pfizer said it would cut 15 percent from its combined workforce (that's a bit less than 19,500 jobs). Meanwhile, Caterpillar is faring poorly in the global recession. It's cutting its workforce by 20,000 including 11 percent of its workforce, or 12,000 jobs, and 8,000 contractors. Home Depot, a lingering victim of the downturn in both consumer spending and housing, said it would slash another 7,000 jobs as it shutters its high-end EXPO business. And finally, Sprint Nextel is eliminating 14 percent of its workforce, or 8,000 jobs.

Update: Add another 6,000 to the tally above. Philips Electronics is cutting too.

Agreed

My point is that it's better to have "some" income coming in than none. I work in real estate so you don't have to tell me about the middle class losing their homes. We have been living outside our paychecks for too long and now the bills are due. To survive we will have to change our lifestyles. The fat cat bailouts should be in jail, but they aren't and continuing to be angry about that is not going to fix middle class America. Becoming more dependent upon the gov't is not the answer. A lot of us will have to give up things our parents worked a lifetime for. IMO we have gotten too much too soon and lost the value of ourselves along the way.

Annie of VA @ Jan 27, 2009 19:53:33 PM

what will happen?

you wrote:

"If not, McDonald's and other fast food chains still hire reliable people who don't mind working"

the only problem is that they don't pay enough to make a house payment!!

what will happen when all of these families begin to lose their houses? will the govt give THEM a bailout? the fat cats who got the bailout aren't losing their homes!.

jtc of NC @ Jan 26, 2009 21:58:57 PM

Wyeth cuts prior to Pfizer deal/Home Depot

My brother had been with Wyeth since they were A H Robins ... make that 32 years, a young 20 year old who worked his way up from the mail room, obtained a good education and is now a young 52 year old who hasn't interviewed in those 32 years except within the org. Yes, it is hard, but my brother believes God is in control and that he will be working again.

The last thing this country needs is more government control. We may all have to learn to use a shovel again to dig ourselves out of this mess. Greed brought us here IMHO.

My "legally" blind brother-in-law has worked for Home Depot in their garden dept for several years and probably has more seniority than any other employee in the area. He's been cut back to 2 day a week.

I'm still working because our small office has not filled in openings for more than the past year. Hopefully, we'll survive. If not, McDonald's and other fast food chains still hire reliable people who don't mind working.

Annie of VA @ Jan 26, 2009 21:13:11 PM

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The Ticker

The Ticker

Kirk Shinkle is a senior editor at U.S. News. He writes daily about ups and downs in equity markets, sectors and stocks. Formerly, he covered business and economics on both coasts for Investor's Business Daily.

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