Layoffs spike as recession rips through US (700,000 jobs vanished in January)

[UpInArms]

Source: Associated Press

WASHINGTON – Layoffs are spiking as the recession rips through the country, with retailers, banks, factories and others cutting costs ever deeper this week. It's inflicting a painful toll on workers, and there's little relief in sight.

The latest round of pink slips and cost-cutting measures came Tuesday on the heels of tens of thousands of layoffs ordered by a slew of companies last week alone.

PNC Financial Services Group said it plans to cut 5,800 jobs. Airplane maker Hawker Beechcraft Corp. said 2,300 employees will lose their jobs before the end of the year and warned more layoffs may be coming. Liz Claiborne Inc., will eliminate 725 jobs, or 8 percent of its work force, one day after Macy's Inc. said it was axing 7,000 jobs, or 4 percent of its work force. King Pharmaceuticals Inc., will get rid of 520 jobs.

Military contractor and aerospace company Rockwell Collins Inc. is cutting 600 jobs and freezing salaries at last year's level for all executives and managers. UPS Inc. is freezing management pay and is suspending its matching contributions to employees' 401(k) plans. And General Motors Corp. said it will offer buyouts to all of its hourly workers.

<snip>

"Businesses are slashing jobs in order to survive in the deepening economic downturn," said Mark Zandi, chief economist at Moody's Economy.com.

All told, economists, on average, estimate that at least 524,000 more jobs vanished in January alone, and some think the figure will total around 700,000. The unemployment rate — now at 7.2 percent — is expected to jump to 7.5 percent, a 17-year peak, in January when the government releases new figures Friday.

Read more: http://news.yahoo.com/s/ap/20090203/ap_on_bi_ge/economy

[roguevalley]

1. for everyone out of work, I am so sorry.

[Tyler Generation]

3. Thanks!

I've been laid off 3 times since 07! I'm 27, I rent, and my fiance has a great and most likely safe job. I feel bad for those who have kids and mortgages though. I'll be ok, but I hate not getting the experience in I'll need down the road.

[Anywho6]

4. Thank you!

I have been out of work since July 2008. The job market is horrendous--I honestly believe it's worse than it was at any point during the dot com bust. I just received my first form for extended unemployment.

[KansDem]

2. "The unemployment rate — now at 7.2 percent — is expected to jump to 7.5 percent, a 17-year peak"

Let's see...17 years ago, who was POTUS? Ah, yes...the "Other Bush."

[debbierlus]

5. Fuck