US job cuts : 55,000 jobs lost in a day

By Aditya Mhatre at 28 January, 2009, 1:24 am

While India celebrated republic day on Monday, 55000 (some reports suggest 86000) jobs were cut in the US in a single day. Some of the largest and strongest companies like Pfizer (8000), Caterpillar (20000 jobs), HomeDepot (7000), Texas instruments (3400), Sprint Nextel (8000), IBM (2800) cut jobs to reduce costs. These job cuts are across industries and across geographies.

This reduction in employments is in addition to the jobs lost earlier in the month. Circuit City threw in the towel putting 34000 jobs in jeopardy. Other companies like Aloca (15000), intel (6000), Eaton (5200), Microsoft (5200) and Boeing (4500) also cut jobs. In all, 22 of the 30 companies that are part of the Dow Jones Industrial averge have announced lay offs.

These are early indicators that IT outsourcing companies in India might not be able to sustain it’s current work force and the lay offs are bound to hit India in this quarter or early next quarter.

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Categories : Business