Layoffs Continue

Unfortunately, layoffs for major companies are continuing and will likely increase with time. Companies such as Caterpillar, Home Depot, and Sprint Nextel said they are going to be laying off a combined 35,000 employees based on the severity of our current recession. Corning, another large company said today that they are cutting 3500 jobs which is 13% of its payroll.

Wells Fargo senior economist Scott Anderson said that, "Some of the worst job losses are ahead of us, not behind us." If we think what is happening now is bad, just wait for the future. This is definitely something we have to worry about whether we like it or not. Additionally he said that approximately 3 million people will lose theirs jobs during this year. Below you will find a small list of some of the cutbacks major companies are having to make. The following is a link that will take you to a chart that displays some of the cutbacks companies are having to make: http://www.usatoday.com/money/economy/2009-01-26-economy-recession-layoffs_N.htm