Five jobs lost in every one minute

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Layoffs
New York, Mar 2: The impact of global recession is heading towards global depression. The companies from across the world are slashing an average of five positions leading the total job losses in the first two months of 2009 to about four lakh.

It is estimated that 10 million jobs were terminated during 2008. Apart from job losses, due to the economic slump, various cost-cutting measures are also being taken by the companies.

However the future seems to be bleak with markets surging down and no immediate recovery in sight for the ongoing crisis.

On Jan 26 alone about 80,000 job cuts were announced across the world. The layoffs are relatively better in the month of Feb.

In Feb, mining major Anglo American said it would reduce its workforce by 19,000 employees while Japan's Panasonic announced 15,000 jobs cuts.

Not only this, auto giant General Motors revealed 10,000 layoffs whereas Nortel would slash 3,200 jobs.

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