Economic Crisis, Job Cuts | featured news

Private sector employment decreased by 522000 last month, according to ADP’s national employment report released Wednesday. The report is compiled from actual payroll data and measures the change in total nonfarm private employment each month.

Panasonic Corp. said Wednesday it will slash 15,000 jobs and shut down 27 plants worldwide, joining a slew of major Japanese companies announcing deep cuts as the global slowdown batters the world's second-largest economy.

US department store chain Macy's is cutting 7,000 jobs as it reduces costs against a backdrop of falling sales.

Gannett Co., the largest US newspaper publisher, said fourth-quarter profit fell 36 percent on faltering advertising sales and expenses to cut jobs.

Japanese electronics giant NEC Corp. said it will cut 20,000 workers worldwide as it tries to stanch widening losses from semiconductors and other businesses that have been hard hit by competition and the global economic slump.

Mayor Bloomberg's bare-bones budget for next year slashes the city work force by 23,000 but won't hit homeowners with higher taxes, officials revealed Thursday.

Kodak announced plans to cut between 3,500 and 4,500 jobs, or 14% to 18% of its work force, amid weak sales.

Boeing Co reported an unexpected fourth-quarter loss on Wednesday and said it is targeting 10,000 job cuts this year.

Up to 51 million jobs worldwide could disappear by the end of this year as a result of the economic slowdown that has turned into a global employment crisis, a United Nations agency said on Wednesday.

The recession is killing jobs at an alarming pace, with more than 33,000 new layoffs announced Monday by some of the biggest names in American business - Pfizer, Caterpillar and Home Depot. More pink slips, pay freezes...