Bloody Monday: 74,000 layoffs announced in one day

Will it have an impact on Real Estate ? As a result most of us are already getting affected. Its the time to market but to move ahead very carefully. We got to control our expenditures very juditiously.

This is what happend in a single day. Its like one short fired and 74,000 jobs lost !

Read this story and see who are the latest in row to join the so called recession?

On Monday, employers in the US and internationally announced tens of thousands of layoffs in an indication that the economic crisis is accelerating and spreading throughout the American and world economy-and far outpacing governmental measures to respond. Among the major layoffs:

* Caterpillar Inc., the world leader in heavy construction equipment, announced 20,000 layoffs for the first quarter of 2009.

* The drugmaker Pfizer Inc. said it will lay off 8,000 workers, the first casualties of the firm's $68 billion takeover of rival pharmaceutical corporation Wyeth.

* SprintNextel, the cell phone carrier, will cut 8,000 jobs, or 14 percent of its workforce, by the end of March. It eliminated 4,000 jobs little more than a year ago.

* Home Depot Inc., the largest US home improvement retailer, said it will cut 7,000 jobs and shutter 34 of its Expo home design stores.

* General Motors, the embattled auto giant, announced 2,000 more layoffs affecting plants in Ohio and Michigan, where the unemployment rate has already climbed past 10 percent.

* Texas Instruments Inc., after announcing a precipitous decline in profits, said it would eliminate 3,400 jobs.

* Phillips Electronics, the Dutch electronics giant, said it would cut 6,000 workers from its worldwide workforce.

* Corus Group, a steelmaker, said it would eliminate 3,500 jobs, 2,500 of which will come in Britain.

* The Dutch bank ING announced the elimination of 7,000 jobs after it reported its first-ever quarterly loss.