Panasonic announces 15 000 planned layoffs, and they’re not alone.
WASHINGTON – Layoffs are spiking as the recession rips through the country, with retailers, banks, factories and others cutting costs ever deeper this week. It’s inflicting a painful toll on workers, and there’s little relief in sight. PNC Financial Services Group said it plans to cut 5,800 jobs. Liz Claiborne Inc., will eliminate 725 jobs, or 8 percent of its work force, one day after Macy’s Inc. said it was axing 7,000 jobs, or 4 percent of its work force. King Pharmaceuticals Inc., will get rid of 520 jobs.
All told, economists, on average, estimate that at least 524,000 more jobs vanished in January alone, and some think the figure will total around 600,000. The unemployment rate — now at 7.2 percent — is expected to jump to 7.5 percent, a 17-year peak, in January when the government releases new figures Friday.
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