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Monday, January 26, 2009

Job Cuts: Caterpillar 20,000, Sprint 8,000, Home Depot 7,000

by Calculated Risk on 1/26/2009 08:21:00 AM

Update: Home Depot to cut 7,000 jobs. Press Release: The Home Depot Exits EXPO Business

The Home Depot®, the world's largest home improvement retailer, today announced it will exit its EXPO business. The Company is also taking steps to streamline its support functions. These decisions will impact 7,000 associates, or approximately two percent of the Company's total workforce.
From MarketWatch Caterpillar profit falls 32% in fourth quarter
Caterpillar Inc. on Monday posted a 32% drop in fourth-quarter profit ...

More dismal was the bellwether company's 2009 outlook, which predicted a 25% decline in sales due to tighter credit markets and the recession. In response, Caterpillar said it would cut costs, including the elimination of some 20,000 jobs -- nearly 18% of its workforce.

"We expect 2009 will be the weakest year for economic growth in the postwar period," the company said in a statement.
From MarketWatch: Sprint to eliminate 8,000 jobs
Sprint Nextel Corp. said Monday it will eliminate 8,000 jobs in the first three months of 2009 as part of an effort to reduce costs in the face of a deepening U.S. recession.