Not good at all. Add these- Phillips, ING announce 13,000 job cuts, Pfizer to buy Wyeth, cut 8,000 jobs
PEORIA, Ill. - The Year of the Ox got off to an inauspicious start for American workers.
A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel and Home Depot announced thousands of job cuts Monday. What's more, a group of business economists predicted many more job losses in the year ahead.
Caterpillar had by far the worst news of the group. The world's largest heavy equipment maker announced Monday it was slashing up to 20,000, or about 20 percent of its total work force, after posting a 32 percent drop in fourth-quarter earnings.
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