The deepening global economic recession claimed over 70,000 jobs in a single day, with six companies, ranging from manufacturing to telecom across the US and Europe, announcing job cuts as part of a cost cutting measures to grapple with the slump in consumer spending.
With the bloodbath in the job market on January 26, the tally of total jobs lost in January so far crossed two million.
Construction machinery manufacturer Caterpillar, pharma major Pfizer, telecom firm Sprint Nextel Corp, home improvement retailer Home Depot were among the six major firms that announced massive job cuts.
Text: PTI
Image: Caterpillar's corporate headquarters in Peoria, Illinois. | Photograph: Frank Polich/Reuters
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