Employers cut 15,300 more jobs
Labor hits keep on coming as several large companies push workforce reductions.
NEW YORK (CNNMoney.com) -- The job market took another savage beating after several companies announced cost cutting plans that involved thousands of job cuts.
Ford Motor Credit (FCZ), the financing arm of the struggling U.S. automaker, announced Wednesday it will cut 1,200 jobs, or 20% of its workforce. The company said the cuts were necessary due to slumping car sales.
On Wednesday, Aircraft maker and defense contractor Boeing Co. was one of the largest casualties of the day, saying it would cut an additional 5,500 jobs this year, bringing its total cuts to 10,000 as the company struggles with dwindling demand for new aircraft.
Meanwhile insurance giant Allstate Corp. (ALL, Fortune 500) said it would be cutting 1,000 jobs over the next two years, Internet company AOL, a division of CNNMoney.com parent Time Warner, intends to cut 700 jobs, according to an internal memo, and health care company Abbott Laboratories said it would be cutting 200 positions.
Electronics parts maker Jabil Circuit (JBL, Fortune 500) announced plans to eliminate 3,000 jobs on a global basis, and Japanese automaker Nissan (NSANY) said it would be cutting 110 U.S. jobs as it closes four regional offices.
Wednesday's announcements bring the total number of job cuts this week to more than 100,000. On Monday alone, seven companies from a broad range of industries announced a total of 71,400 job cuts.
The news comes on the same day the Labor Department reported that the total number of mass layoffs in 2008 was the highest level since 2001.