Since December, U.S. companies have cut 377,552 jobs. On Friday, Motorola added to the avalanche, saying it is cutting 4,000 more positions, bringing its total cuts in three months to 22,000. As companies scramble to salvage their profits and stock prices in a worsening economic slowdown, job cuts are being measured in the tens of thousands of workers.
Experts say there's no end in sight.
Companies hold on to their workers longer than they should, thinking things won't get that bad. Since December, companies have announced more than 2,600 job cuts. It's the simplest and quickest way to cut costs, a short-term fix for companies scrambling to post the profits Wall Street expects. Wall Street is extremely short-sighted. They love cost-cutting.