Jobs to cut and raise unemployment

December 9th, 2008 - 1:21 pm ICT by Amrit Rashmisrisethi  

Dow ChemicalOn Monday, there was a call of job losses in the United States whereas a number of ajor manufacturing and service companies announced that they would slash costs to cope with the deepening economic crisis.

According to the economist, they expect the unemployment rate to rise to as much as 8 percent by late next year and the cuts came right after the government figured showed that in the United States , their employers axed 533,000 jobs from payrolls in November, the most in 34 years, and that the nation’s unemployment rate hit 6.7 per cent, the highest since 1993.

Jobs data for December looks to be bleak as Dow Chemical Co , the largest US chemical maker, said it would close 20 facilities, divest several businesses, and cut 5,000 jobs. The Dow Chemical will be cutting off 5,000 jobs and even cut the outside contractors and temporarily idle 180 plants.

Hotels and timeshare company Wyndham Worldwide Corp said it would cut 4,000 jobs as it shrinks its timeshare business.Their other workforces also includes a diversified manufacturer 3M Co, which said it would cut a total of 2,300 jobs in the fourth quarter. The company had already cut 1,800 of those positions and that it would cut another 500 in the fourth quarter. The job losses will occur mainly in the United States, Western Europe and Japan.

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