More and more pink slips are handed out as economy worsens.
Wired PR News.com – Start of the year cost cutting measures force many companies to hand out more and more pink slips. As reported by the Associated Press (AP), major companies Cigna Corp., Alcoa Inc., EMC Corp., and Logitech have been added to the list of those already announcing layoffs for 2009 due to the recession.
As noted by the AP, an estimated 4.5 million individuals receive benefits from being out of work, and the number is not expected to go down anytime soon, as many are reportedly finding difficulty regaining employment.
Mark Zandi of Moody’s Economy.com is quoted in the AP report as stating, “Businesses were panicked at the end of the year and those that had been holding off on layoffs are now capitulating.” The current recession is said to be the longest in 25 years.