Every day it seems another massive layoff is announced at some of the country's best-known companies. Those job losses, in addition to thousands of mom-and-pop businesses, made 2008 one of the worst years for employment in our country's history.
Microsoft Slashes 5,000 Jobs
The latest bad news came today from Microsoft: it will slash 5,000 jobs over the next 18 months. It seems that even the once-mighty tech sector isn't immune from this recession.
"While we are not immune to the effects of the economy, I am confident in the strength of our product portfolio and soundness of our approach," Microsoft CEO Steve Ballmer said in a statement today.
According to the Department of Labor, in December alone, employers shed 524,000 workers. Unemployment now stands at 7.2 percent, the highest since January 1993.
The losses make 2008 the worst year for layoffs since 1945 when 2.75 million jobs were lost. Granted, the U.S. workforce was smaller back then, but it's still a shocking number.
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