AP
Job-killing recession racks up more layoff victims
Monday January 26, 7:03 pm ET
By Jeannine Aversa, AP Economics Writer job
Cascading layoffs hit workers at Pfizer, Caterpillar, Home Depot; no relief in sight
WASHINGTON (AP) -- The recession is killing jobs at an alarming pace, with tens of thousands of new layoffs announced Monday by some of the biggest names in American business -- Pfizer, Caterpillar and Home Depot.More pink slips, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.
"We're just seeing the tip of the iceberg -- the big firms," said Rebecca Braeu, economist at John Hancock Financial Services. "There's certainly other firms beneath them that will lay off workers as quickly or even quicker."
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