Layoffs Cut Deeper Into Economy....... As Recession Hits Most Industries, Corporate Giants Slash Jobs
By Annys Shin and Neil Irwin Washington Post Staff Writers Tuesday, January 27, 2009; Page A01 The nation's employers, including some of its largest and most sturdy, announced plans yesterday to slash more than 55,000 jobs, a staggering one-day toll that highlighted how quickly layoffs are accelerating and how widely misery is spreading throughout the labor market. The cuts extended to companies that were once considered bright spots in the U.S. economy. Construction equipment maker Caterpillar, whose business last year was bolstered by strong exports, said it would cut 20,000 jobs. Pfizer, one of the giants of a health-care sector that had until recently seemed immune from the downturn, said it would cut 8,000. In all, 22 of the 30 companies that are part of the Dow Jones industrial average have announced job cuts since the economy took a nosedive in October. Analysts say they've been surprised by just how quickly those cuts have added up. The number of people receiving u