Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Employers cut 15,300 more jobs

Labor hits keep on coming as several large companies push workforce reductions.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Ben Rooney and Kenneth Musante, CNNMoney.com staff writers

How will the economic stimulus package help your job situation?
  • It won't make any difference
  • It will help me find a job
  • It will help me keep my job

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.

Earlier this month, Boeing (BA, Fortune 500) announced plans to shed 4,500 jobs in its Commercial Airplanes division. But the additional job cuts will be across various other parts of the company.

Coffee chain Starbucks Corp. (SBUX, Fortune 500) also said it would be cutting up to 6,700 jobs, mostly due to store closings and a slower rate of store openings.

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.

Computer maker Dell Inc. (DELL, Fortune 500) also said it would be reducing the size of its workforce, but did not specify by how much.

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.

The government defines mass layoffs as those that involve "at least 50 persons from a single employer."  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Here's what costs more than a barrel of oil Oil prices have crashed to below $27 a gallon -- a level not seen since 2003 -- which makes a barrel of crude cheaper than lots of everyday purchases that we don't think twice about. More
Super Bowl 50 ads are studded with celebrities The 2016 Super Bowl has rolled out the red carpet for the likes of Helen Mirren, Amy Schumer, Seth Rogen, Steven Tyler and the late, great Marilyn Monroe. More
The women of marijuana These women entrepreneurs and executives are making their mark in the marijuana industry. More