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American companies announced job cuts totaling 45,000 this morning, as the global downturn slammed the profits of such exporters as Caterpillar and a domestic recession hit hard at retailer Home Depot. As companies begin announcing their financial results for the end of 2008, they are also moving fast to cut costs in response to poor results and a diminished outlook for the coming year. The job cuts announced so far today include 20,000 at heavy equipment maker Caterpillar, 8,000 at the Sprint Nextel telecommunications company, 7,000 at Home Depot, 2,000 at General Motors and 8,000 anticipated from the pending merger of the Pfizer and Wyeth pharmaceutical companies.
Bloody Monday: Over 71,400 jobs lost
Seven companies announce massive job cuts in a scary start to the week.
NEW YORK (CNNMoney.com) -- The final week of January began with a bloodbath for the job market, as over 71,400 more cuts were announced on Monday alone.
At least six companies from manufacturing and service industries announced cost-cutting initiatives that included slashing thousands of jobs.
More than 200,000 job cuts have been announced so far this year, according to company reports. Nearly 2.6 million jobs were lost over 2008, the highest yearly job-loss total since 1945....