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Jan 30 2009

Job cuts exceed 100,000 for the week

U.S. job losses continued to mount this week, with Pfizer, Caterpillar and Boeing reporting massive reductions.

In a brutal week for the job market, an assortment of companies across various industries announced more than 100,000 job cuts.

The bulk of the job loss news occurred on Monday, when several major U.S. companies announced sweeping job cuts, pushing the day’s total to more than 70,000.

“The picture is still pretty glum out there,” said David Wyss, chief economist for Standard & Poor’s, noting that January is often a bad month for the job market, because companies want to include the reductions in their annual tax returns.

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