Layoffs

Its not a good day for workers in the United States. Caterpillar Incorporated, the world's largest maker of mining and construction equipment has laid off 5000 workers today. 2500 Caterpillar workers have already accepted buyout offers and 8000 contract workers around the world have also been laid off. Four thousand full-time factory workers have also lost their jobs.

Home Depot, the number one home improvement retailer in the country announced it would slash 7000 jobs. Home Depot expects sales for the year to fall by eight percent.

Sprint Nextel, the third largest wireless provider in the country is cutting 8000 jobs, about 14 percent of its workforce.

General Motors will be laying off 2000 workers at plants in Michigan and Ohio due to a fall in sales.

Finally the merger between two pharmaceutical companies Pfizer and Wyeth will lead to 8000 more job cuts.