Employers cut 15,300 more jobs

Employers cut 15,300 more jobs

money.cnn.com

NEW YORK (CNNMoney.com) -- The job market took another savage beating after several companies announced cost cutting plans that involved thousands of job cuts.

Ford Motor Credit (FCZ), the financing arm of the struggling U.S. automaker, announced Wednesday it will cut 1,200 jobs, or 20% of its workforce. The company said the cuts were necessary due to slumping car sales.

On Wednesday, Aircraft maker and defense contractor Boeing Co. was one of the largest casualties of the day, saying it would cut an additional 5,500 jobs this year, bringing its total cuts to 10,000 as the company struggles with dwindling demand for new aircraft.

Earlier this month, Boeing (BA, Fortune 500) announced plans to shed 4,500 jobs in its Commercial Airplanes division. But the additional job cuts will be across various other parts of the company.

Coffee chain Starbucks Corp. (SBUX, Fortune 500) also said it would be cutting up to 6,700 jobs, mostly due to store closings and a slower rate of store openings.

Meanwhile insurance giant Allstate Corp. (ALL, Fortune 500) said it would be cutting 1,000 jobs over the next two years, Internet company AOL, a division of CNNMoney.com parent Time Warner, intends to cut 700 jobs, according to an internal memo, and health care company Abbott Laboratories said it would be cutting 200 positions.

Electronics parts maker Jabil Circuit (JBL, Fortune 500) announced plans to eliminate 3,000 jobs on a global basis, and Japanese automaker Nissan (NSANY) said it would be cutting 110 U.S. jobs as it closes four regional offices.

Computer maker Dell Inc. (DELL, Fortune 500) also said it would be reducing the size of its workforce, but did not specify by how much.

Wednesday's announcements bring the total number of job cuts this week to more than 100,000. On Monday alone, seven companies from a broad range of industries announced a total of 71,400 job cuts.

The news comes on the same day the Labor Department reported that the total number of mass layoffs in 2008 was the highest level since 2001.

The government defines mass layoffs as those that involve "at least 50 persons from a single employer."

(visit the link for the full news article)



[edit on 1/29/2009 by Amaxium]

[edit on 1/29/2009 by Amaxium]

I hope my local store does not get cut. I need my daily grande white mocha enema!

Obviously we are in a recession. Bad or unstable economy caused by consumers not spending as much. How can we continue to spend when our jobs are getting cut left and right. Worsening our economy. Stimulus package money goes to businesses in trouble of shutting down but does not ultimately help to create jobs to replace the ones that were lost.

Starbucks to cut 6,700 jobs, close 300 stores
www.bizjournals.com
(visit the link for the full news article)

100,000 jobs total this week! Holy Shnikees! I wonder if this is a conspiracy underway for encouragement of all of us to get government jobs. Supposedly most government jobs are safe and secure. "Oh, I'm sorry you lost your job and you cannot get a replacement one because thousands are losing their jobs every week. Come apply at Big Brother Industries!"

[edit on 1/29/2009 by Amaxium]

Dammit, so much for that government grant to receive Barrista training. I thought coffee was recession proof.

Time to go to McDonalds!! The plain black coffee tastes much better anyway and they actually turn a profit!! Go McDonalds.