January 30, 2009

More than 100,000 jobs lost in one week

According to CNNMoney: “The bulk of the job loss news occurred on Monday, when several major U.S. companies announced sweeping job cuts, pushing the day’s total to more than 70,000.”

Top 3 Jobs cutters of this week:

Pfizer (PFE, Fortune 500): -20,000 jobs
Caterpillar (CAT, Fortune 500): -22,110 jobs
Boeing (BA, Fortune 500): -10,000 jobs

  • The U.S. economy lost 2.6 million jobs in 2008. This includes 21,137 mass layoffs (a 7-year high)
  • The Council Board forecast 2 million job losses for 2009.

Caterpillar Announces Second Layoff Wave This Week

According to CNBC: “Caterpillar said it was laying off an additional 2,110 workers, bringing the week’s total to about 22,000, as the company scrambles to cope with a downturn in demand for its construction and mining equipment.”

“On Monday the company said it was cutting nearly 20,000 jobs and warned of a tough year ahead, with worldwide economic weakness gutting orders for it earth-moving equipment.”

~News submitted by upthecreek

January 26, 2009

Caterpillar to lay off 20,000

Filed under: Manufacturing,US — 7macaw @ 12:16 pm
Tags: ,

Caterpillar, seeing sales for its bulldozers and other heavy equipment sinking in a worldwide economic mire, said Monday that its business was “whipsawed” during the fourth quarter and that it would eliminate 20,000 jobs in the face of a “very tough” 2009.

Caterpillar announced the staff reductions as part of its fourth quarter earnings report, released Monday morning. The company said that while its revenue and profit for full-year 2008 were strong, its business ran head first into the worldwide recession in the fourth quarter.

Source: Triangle Business Journal

December 18, 2008

Caterpillar to lay off more than 800 in Illinois

Filed under: Technology — 7macaw @ 12:56 pm
Tags: , ,

According to Chicago Tribune: “Caterpillar Inc., hit by a drop in demand for diesel engines, disclosed Thursday that it plans to indefinitely lay off 814 production workers at its engine assembly plant in Mossville[, IL].

The heavy-equipment giant said the layoffs will begin on Feb 23.”

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