40,000 jobs lost in one day as deflation's vicious cycle accelerates

Filed under: Forecasts, General Electric (GE), Advanced Micro Dev (AMD), Clear Channel Commun (CCU), ConocoPhillips (COP), Economic data, Financial Crisis

Yesterday no fewer than 20 companies around the world announced 40,000 layoffs. As I posted, that's the flip side of the great inflation report that came out this week. And those 40,000 are among the first of 2.1 million U.S. jobs that are forecast to disappear in 2009 -- particularly if the $825 billion stimulus plan does not pass.

Here are some of yesterday's cuts from the U.S. companies:

• Circuit City Stores is liquidating and taking 30,000 jobs along for the ride


• Hertz Global Holdings Inc. (NYSE: HTZ) is eliminating 4,000 jobs worldwide due to a drop in travel demand.


• WellPoint (NYSE: WLP) the second-largest U.S. health insurer, will end 1,500 jobs, which include 600 workers and 900 open positions.


• Clear Channel (NYSE: CCO) -- the largest U.S. radio broadcaster -- will lay off 1,500 employees on January 20.

Continue reading 40,000 jobs lost in one day as deflation's vicious cycle accelerates

40,000 jobs lost in one day as deflation's vicious cycle accelerates originally appeared on BloggingStocks on Sat, 17 Jan 2009 11:10:00 EST. Please see our terms for use of feeds.

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