InfoAnda - Jan 30 Highlights Of Low Points In U.S. Economy

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Jan 30 Highlights Of Low Points In U.S. Economy January 30, 2009 7:43 p.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Friday brought more bad economic news as heavy equipment maker Caterpillar announced a second round of job cuts this week, Disney-ABC said it will cut 5 percent of its workforce and New York City officials scrambled to find a way not to lay off 15,000 teachers. There was some good news, President Barack Obama announced the formation of a task force on the middle class to explore ways to help people struggling against becoming downwardly mobile. But much of the economic news was bad. Caterpillar (NYSE: CAT) surprised by announcing a second round of job cuts this week. On Friday company officials said it had to cut another 2,100 jobs, those cuts will take place at three Illinois factories. Those job losses were in addition to the 20,000 job cuts Caterpillar announced on Monday. Disney-ABC (NYSE: DIS) announced it is cutting 400 jobs, which is about 5 percent of its workforce. But 200 of those cuts will come from eliminating unfilled jobs. The cuts are across the company and will affect ABC News, which is losing 35 jobs. Cessna Aircraft announced its job cuts will go deeper than originally expected. It issued 60-day lay off notices to thousands of employees Thursday, saying it will cut 4,600 jobs company wide, including 4,000 jobs in Wichita, KS. The company blamed a rise in canceled orders, along with sagging orders. Eddie Bauer Inc. (EBHI) will cut 193 jobs company wide because of a lack of sales. New York City is still trying to close its looming budget shortfalls and may have to eliminate up to 23,000 jobs, including 15,000 teachers, if it can't raise more revenue. New York City isn't the only municipal government struggling to make ends meet. Tiny North Versailles, PA, announced it was laying off six part-time police officers. At the same time, it told the township's remaining 30 police, adminstrative and public works employees that they could either stay home without pay or keep working with the promise of being paid in 10 to 12 weeks. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

Other News on Saturday, 31 January 2009
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Merkel and Brown call for global economy rules
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North Korea warns South on rising tensions
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Islamist looks set to be new Somali president | International |
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US-TECH Summary
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US economy down 3.8 pct, not as bad as feared
Broadband link to U.S. jobs exaggerated: experts
NYC Mayor Bloomberg Announces Major Budget Cuts
Michael Steele Becomes First African-American Republican Chairman
US-ENTERTAINMENT Summary
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Jan 30 Highlights Of Low Points In U.S. Economy
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