As the economic conditions continue to worsen, along with indicators that point towards a global economic recession, several large corporations brought more bad news to the table when they reported job cuts among its staff. Xerox Corp., General Motors corp., and Coca-Cola Enterprises Inc. all revealed they made staff cuts recently. Whereas once the economic slowdown was affecting primarily housing and financial sectors, it appears to have finally made its way to many other industries - especially those that rely upon consumer spending.
The Labor Department said that the number of mass layoffs in September was the most (2,269) since September, 2001. A mass layoff is considered one that includes 50 or more job cuts at a time.
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