US job losses hit record in 2008 More US workers lost jobs last year than in any year since World War II, with employers axing 2.6 million posts and 524,000 in December alone. The US jobless rate rose to 7.2% in December, the highest in 16 years.
The official data came as plane-maker Boeing said it would cut 4,500 jobs this year at its commercial airline arm due to the global economic slowdown. US President-elect Barack Obama said that the economic situation is dire and action is urgently needed.
Warner Bros. is preparing to outsource jobs to India and Poland
Warner Bros., following a trend that is now all too familiar among American companies, is preparing to outsource jobs to India and Poland as part of a studio-wide cost-cutting move.
The Time Warner Inc.-owned studio will join other media companies, including NBC/Universal and Viacom Inc., that have initiated cutbacks and layoffs in the face of weakening entertainment industry revenue and the deepening recession.
Although details of the layoffs at Warner are still to be determined, they are nonetheless expected to affect scores of "back office" workers in management information systems, finance and accounting.
Seagate Plans Round of Job Cuts, CEO Watkins Says
Seagate Technology, the world’s biggest maker of hard-disk drives, plans to cut jobs and reorganize the company as it copes with the slumping economy, Chief Executive Officer William Watkins said.
“We are going to announce another round, and we think we’ll do it in January,” Watkins said today in an interview at the Consumer Electronics Show in Las Vegas. “There will be restructuring, and there will be some layoffs.”
Cirrus Design Corporation Layoffs
Just four days after most of its workers returned to the job Cirrus Design Corporation has announced another round of layoffs.
Cirrus officials say 50 administrative positions have been eliminated and nearly 100 furloughed workers will not be returning to work for the time being.
U.S. Job Losses in Dec. Could Be Worst in 60 Years
U.S. job losses in December could be the worst in almost 60 years as companies scramble to cut costs even deeper to survive the country's economic and financial storms.
A barometer on layoffs is expected to show Thursday that the number of newly laid off people signing up for state unemployment insurance last week rose to 540,000, up from 492,000 in the previous week, according to economists' projections.
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