Pink Slips Pile Higher Amid Deepening Recession

Companies scramble to cut costs and the Labor Department's latest report on new jobless claims due out Thursday isn't expected to be pretty.

By: Associated Press | WSAV-TV
Published: January 08, 2009

» Comments | Post a Comment

Pink slips are piling higher as companies
scramble to cut costs and the Labor Department's latest report on
new jobless claims due out Thursday isn't expected to be pretty.
Economists project the number of newly laid off people signing
up for state unemployment insurance last week rose to 540,000, up
from 492,000 in the previous week.
The number of people continuing to draw jobless benefits is
projected to stay near 4.5 million, demonstrating the troubles the
unemployed are having in finding new jobs.
Just days into the new year, managed care provider Cigna Corp.,
aluminum producer Alcoa Inc., data-storage company EMC Corp. and
computer products maker Logitech International are among those
announcing layoffs. The flurry of job cuts suggest the employment
picture will remain grim this year.