Retail giant Home Depot is cutting thousands of jobs

Some workers may be rushing to get an online payday loan while they still have paychecks coming. Monday morning some massive American companies announced some massive layoffs. Between five companies a total of 45,000 job cuts will be made.

Unemployment has been climbing steadily for months, and these cuts only cement the fact that it won’t be going down any time soon.

Breakdown

Five major U.S. companies announced job cuts today: Caterpillar, Sprint Nextel, Home Depot, General Motors and pending merger Pfizer Wyeth. Caterpillar is making the biggest cuts, eliminating 20,000 positions. That’s a whole lot of people who might need an online payday loan before it’s too late.

Europe's biggest consumer electronics producer has announced major layoffs

Not all of the job cuts will amount to laying off American workers. Some positions will be eliminated through voluntary departures and some will affect positions overseas. The amount of jobs that Pfizer and Wyeth will cut is uncertain because the two companies are currently undergoing a merger. But it is anticipated that the merger will result in about 8,000 job cuts.

Overseas

If you think the United States is alone in this financial crisis, you are sorely mistaken. A few foreign companies Monday also announced they’d be slashing jobs.

ING, a Dutch financial services company, says it will cut 7,000 jobs — more than 5 percent of its work force. Europe’s biggest consumer electronics producer, Philips, will eliminate 6,000 positions. Indian steelmaker Corus is cutting 3,500 jobs, and 2,500 of those cuts will affect jobs in Great Britain.

Check back with your online payday loan source for more news on the economy, unemployment and the nation’s financial crisis.