More job cuts: This time Merck

[Catshrink]

More job losses -- this time the pharmaceutical industry is hit bit time.

from Yahoo:

Merck to Cut 4,400 Jobs and Outlook
57 minutes ago

NEW YORK (Reuters) - Merck & Co. Inc. (NYSE:MRK - news) on Wednesday said it would cut 4,400 jobs to slim down a company facing a lack of new drugs and falling sales of arthritis medicine Vioxx, as reflected in a dismal earnings report.

<snip>

In a move to reduce costs, Merck said it plans to cut about 3,200 positions, or about 5 percent of its full-time work force, as well as 1,200 contract or temporary employees.


The job cuts will generate about $250 million to $300 million of annual savings in payroll and benefits costs.


The job cuts, rare in the pharmaceutical industry, come as economic analysts are examining whether employers will hire more workers as part of an economic recovery that has so far lacked significant job growth.

continue at

http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=3&u=/nm/20031022/bs_nm/health_merck_earns_dc

Now the "jobless recovery" is hitting what have been considered rock solid companies and industries. This is bad. I wonder if these jobs are going to India also?

[FlashHarry]

1. Dupe

Continue here: http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=178338

:hi:

FlashHarry
DU Moderator