Job cuts exceed 100,000 for the week

If this rate keeps up, we'll soon have 100% unemployment. everyone will have to join the military just to put food on the table

In a brutal week for the job market, an assortment of companies across various industries announced more than 100,000 job cuts.

The bulk of the job loss news occurred on Monday (external - login to view), when several major U.S. companies announced sweeping job cuts, pushing the day's total to more than 70,000.

"The picture is still pretty glum out there," said David Wyss, chief economist for Standard & Poor's, noting that January is often a bad month for the job market, because companies want to include the reductions in their annual tax returns.
Pfizer (PFE (external - login to view), Fortune 500 (external - login to view)), the leading drugmaker in terms of annual pharma sales, and Caterpillar (CAT (external - login to view), Fortune 500 (external - login to view)), a heavy equipment manufacturer based in Peoria, Ill., each said they would cut 20,000 jobs. These are the biggest reported eliminations among U.S.-based companies.

New York-based Pfizer said the cost-saving restructuring would occur before and after its merger with Wyeth (WYE (external - login to view), Fortune 500 (external - login to view)), to be completed later this year.
Caterpillar Chief Executive Jim Owens blamed the "rapidly deteriorating global economy" in his quarterly earnings report. Later, on Friday, Caterpillar added another 2,110 job cuts to its previously announced reductions, bringing its tally to more than 22,000.

Boeing (BA (external - login to view), Fortune 500 (external - login to view)) announced its massive layoffs on Wednesday. The Chicago-based airplane manufacturer said 10,000 workers, including 4,500 previously announced reductions, would lose their jobs. The company blamed this on dwindling demand for its aircraft.
L Gilbert
People have the funniest sense of priority. Automanufacturers lay off people that actually build autos and keep the papershufflers and keypokers, Boeing lays off people that build planes and keep the papershufflers and keypokers, etc. Seems to me that the biggest single reason for this mess is papershuffling and keypoking.

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by peapod | Oct 8th, 2004
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