“We expect 2009 will be the weakest year for economic growth in the postwar period.”
Jan. 26 (Bloomberg) — Caterpillar Inc., the world’s largest maker of bulldozers and excavators, said it’s cutting 20,000 jobs and this year’s profit and sales will trail analysts’ estimates as the deepest recession in a quarter century saps demand.
The jobs include 12,000 employees, or 11 percent of the workforce, and 8,000 contractors, spokesman Jim Dugan said today. Peoria, Illinois-based Caterpillar’s full-year earnings forecast missed the average estimate by 41 percent, and its shares dropped the most in eight weeks.
The jobs target is a mixture of previously announced and new reductions, Dugan said. The cuts include 5,000 management and support positions that had not previously been announced. Caterpillar had 112,887 employees at the end of 2008.
According to US News & World Report, as of Jan 31, 2008, Caterpillar employed approximately 17,500 in the Peoria area.
January 26th, 2009 at 11:01 am
Thanks to Carter, Clinton, Frank, Dodd, ACORN, Brock and the friggin’ CRA.
January 26th, 2009 at 12:29 pm
You missed one vonster….
Bush