Sun Micro to Cut 5,000 Jobs

539K positions cut; jobless rate hits 8.9%, highest since 1983

(AP) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of economic uncertainty. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past. More»

Don't they know Obama wants to heap money on infrastructure?

(NEWSER) - Caterpillar Inc will cut 20,000 jobs—or 18% of its workforce—after posting a 32% drop in fourth-quarter income, the Wall Street Journal reports. “We were whipsawed in the fourth quarter,” said CEO Jim Owens. “Key industries were hit by a rapidly deteriorating global economy.” The manufacturer of heavy machinery is often seen as an indicator for various parts of the economy, particularly construction. More»

Makes 2008 worst year for employment since 1945

(NEWSER) - Employers cut 524,000 jobs in December, which, on the heels of November’s decline of 584,000, made 2008 the darkest year of job losses since the end of World War II, Bloomberg reports. Those numbers were in line with forecasts, but the jobless rate topped its forecast by rising to 7.2%, a 15-year high. “We’re seeing pretty ugly numbers,” said one economist. “The recession is worsening.” More»

(AP) - Sony is slashing 8,000 jobs, or 4%of its global work force, aiming to cut costs by $1.1 billion a year as a global downturn and stronger yen batters profits at the Japanese electronics maker. Sony, which has 185,000 employees worldwide, said today it will complete the layoffs by the end of March 2010. Some 80% of Sony's sales come from overseas. More»

(NEWSER) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19% last week, and is down 68% on the year. The nation's fourth-largest bank says the moves will forward its goal of cutting expenses by 20% in 2009. More»