Labor Department Reports 2008’s Mass Layoffs

Government data is to be released today that will show exactly how bad corporate layoffs were in December 2008.

The Labor Department will report the amount of mass layoffs taking place during the Chirstmas month, as well as for the entire year of 2008.

In November, the Labor Department said there were 2,328 mass layoffs; resulting in a loss of 224,079 jobs. Temp workers, as well as highway, street, and bridge construction workers were the hardest hit sector, according to the department.

On Tuesday, Corning Inc, a specialty glass company announced 3,500 job cuts. Chemical company Ashland Inc. stated that they will lay off 1,300 employees, freeze wages, and adopt a two-week furlough (or temporary layoff) program.

Caterpillar Inc. announced 5,000 layoffs on Monday. Pfizer, the pharmaceutical company said they will be laying off, at least, 8,000 jobs, should their planned merger with Wyeth not go through. And Spring Nextel Corp also said they will cut 8,000 jobs.

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