Monday, Bloody Monday: Over 71,000 Jobs Gone

January 27th, 2009 1:08 am  |  by  |  Published in Economics, jobs, Money  |  0

The bleeding is not going to stop anytime soon. This is from CNN Money regarding the beginning of the week’s horrid news on the jobs front.

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.

“It’s all about the consumer, and the consumer’s been hit hard,” said Robert Brusca, chief economist at Fact and Opinion Economics. “It’s a vicious circle as weakness begets layoffs, which beget more spending weakness.”

Read the rest of the oh-so-lovely news.

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