The 2008 tally soars after payrolls shrink by 533,000 in November, the biggest one-month decline in nearly 34 years. Unemployment soars to 6.7%.
By David Goldman, CNNMoney.com staff writer
Last Updated: December 5, 2008: 5:02 PM ET
NEW YORK (CNNMoney.com) -- The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year's total job losses to 1.9 million.
November had the largest monthly job loss total since December 1974.
"This is a dismal jobs report," said Keith Hall, commissioner of the Bureau of Labor Statistics, at a congressional hearing. "There's very little in this report that's positive. This is maybe one of the worst jobs reports the Bureau of Labor Statistics (founded in 1884) has ever produced."
The number of jobs lost in the current recession, which began in December 2007, surpasses the 1.6 million jobs lost in the 2001 recession.
The job market expansion leading out of that recession was drawn out and tepid, so the jobs lost now are more at the core of the nation's economy - a scary sign.
According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. The rate is compiled in a separate survey from the payroll number.
Economists surveyed by Briefing.com had forecast a loss of 325,000 jobs in the month.
Revisions to the two prior months brought more dismal news. October's job loss was revised up to 320,000 from 240,000, and September was revised up to 403,000.
The revisions brought the 3-month job loss total to 1.3 million.
November's report provided the first glimpse at employers' reaction after the peak of the credit crisis, reached in mid-October.
With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses. Travel has also been scaled back.
As a result, job losses were spread across a wide variety of industries: manufacturing, leisure and hospitality, construction and even, in the midst of the holiday shopping season, retail.
Also seeing sharp declines were professional and business services, a category seen by some economists as a proxy for overall economic activity, and financial services, at the heart of the current crisis.
Deeper cuts likely to come
With the economy in a recession and most economic indicators signaling even more difficult times ahead, economists say job losses will likely deepen and continue through at least the first half of 2009.
Citing weak economic conditions, a slew of large-scale job-cut announcements came this week.
On Thursday alone, AT&T (T, Fortune 500), DuPont (DD, Fortune 500), Viacom (VIA), Credit Suisse (CS) and Avis (CAR, Fortune 500) announced cuts that totaled nearly 23,000 cuts, most of which will take place over the next several months.
According to a report by the outsourcing agency Challenger, Gray & Christmas, planned job cut announcements by U.S. employers soared to 181,671 last month, the second-highest total on record.
Temporary employment, including workers employed by temp agencies, fell by 100,700 jobs last month, the highest on records that go back to 1985. That could mean even more full-time payroll reductions to come, as employers often cut temporary workers before they begin cutting permanent staff.
Tig Gilliam, chief executive of placement agency Adecco, the nation's third-largest employment agency, said employers are trying to position their companies to weather the ever intensifying economic storm.
"CEOs are trying to get their businesses better positioned for the start of the year so they're not constantly chasing the slowdown" he said. "December will be another very tough month."
In another sign of weakness, a growing number of workers were unable to find jobs with the amount of hours they want to work. Those working part-time jobs - because they couldn't find full-time work, or their hours had been cut back due to slack conditions - jumped by 621,000 people to 7.3 million, the highest ever on records that date back to 1955.
Underemployment at 12.5%
The so-called under-employment rate, which counts those part-time workers, as well as those without jobs who have become discouraged and stopped looking for work, soared to 12.5% from 11.8%.
But there was hiring in some economic sectors last month. Government hiring has stayed strong throughout the downturn, adding another 7,000 jobs in November. Education and health services also grew payrolls, with a gain of 52,000 employees.
The average hourly work week fell to 33.5 hours last month. Economists expected the workweek to hold at October's level of 33.6 hours. But with a modest 7-cent gain in the average hourly salary, the average weekly paycheck rose by 52 cents to $613.05.
Obama: Time for stimulus
With 2008 already the worst year for jobs since 1982 and on pace to become the worst since 1945 - and second worst on records that date back to 1939 - support for a second stimulus package to boost the job market has grown among economists and lawmakers.
The prior stimulus package, in the spring, sent tax rebate checks to millions of tax filers. It helped the economy grow in the second quarter, but it did little to stem the tide of job loss in the country.
But the proposed stimulus package, supported by President-elect Barack Obama, would focus on aid states and municipalities as well as consumers, adding millions of infrastructure jobs for Americans.
"Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years," said Obama in a statement. "There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better."
Experts say a two-part stimulus package is the right way to stem the tide of mounting job losses.
"First, you have to get consumers to spend, since 70% of the GDP is tied to consumer spending, and then you need job stimulus like highway projects to maintain economic job growth," said Gilliam. "This number is so bad that Obama will have to do something drastic soon."
In the meantime, Bush administration officials say the priority remains restoring liquidity to the financial system.
"We have to get the job done that we can while we have time left in office, and that is restoring credit," Secretary of Commerce Carlos Gutierrez told CNNMoney.com. "This is the key first step to restoring growth and restoring jobs."
The White House echoed the Commerce secretary.
"We need to focus on the causes of the economic downturn in order to reverse this trend in job creation, said Dana Perino, White House press secretary. "We intend to continue our aggressive efforts to restore health to our credit and housing markets."
First Published: December 5, 2008: 8:37 AM ET
U.S. Job Losses 2008-2009:
Job Layoffs for January 2009:
January 2009 Layoffs
Compiled by Klaus Kneale, 02.06.09, 02:00 PM EST
January layoffs have exceeded 160,000 at America's largest companies.
Layoffs for January 2009 at America's 500 largest public companies*:163,662
Jan. 30: Sears Holdings (nasdaq: SHLD - news - people ) dismisses 300 corporate employees as consumer spending slumps.
Jan. 29: Broadcom (nasdaq: BRCM - news - people ) cuts about 3% of workforce (200 workers) and tightens discretionary spending.
Jan. 29: International Game Technology (nyse: IGT - news - people ) cuts 200 from its manufacturing sector.
Jan. 30: Caterpillar (nyse: CAT - news - people ) increases previous layoffs from 20,000 to 22,110, and share price hits 52-week low.
Jan. 29: Eastman Kodak (nyse: EK - news - people ) took a $137 million Q4 loss and will cut up to 4,500 jobs, up to 18% of workforce.
Jan. 29: Textron (nyse: TXT - news - people ) subsidiary Cessna Aircraft will increase layoffs from 2,600 to 4,600, to be completed by April.
Jan. 29: Ford's (nyse: F - news - people ) credit subsidiary cuts 1,200 jobs, about 20% of its workforce.
Jan. 29: Black & Decker (nyse: BDK - news - people ) will eliminate 1,200 jobs as power tool sales decline and Q4 earnings plunge.
Jan. 29: ESPN, part of the Walt Disney Co. (nyse: DIS - news - people ), (nyse: DIS - news - people ) will cut 200 jobs and Disney-ABC Television Group will release 400 to cope with weak economy.
Jan. 28: Boeing (nyse: BA - news - people ) increases previously announced layoffs--bringing total to 10,000 workers, or 6% of the company’s workforce.
Jan. 28: Starbucks (nasdaq: SBUX - news - people ) organizes closings at 900 stores worldwide and fires 6,700 in the process.
Jan. 28: Target (nyse: TGT - news - people ) cuts 400 open positions and 600 employees on sagging sales.
Jan. 27: Time Warner's (nyse: TWX - news - people ) AOL reduces workforce by 10% (700 workers) as it fights declining ad revenue.
Jan. 27: Cabinet company Merillat--a subsidiary of Masco (nyse: MAS - news - people )--cuts 20% of workforce (70 workers).
Jan. 26: Texas Instruments (nyse: TXN - news - people ) pink-slips 3,400 (12% of workforce).
Jan. 26: IBM (nyse: IBM - news - people ) selects 2,800 to participate in its “current resource reduction action.”
Jan. 26: Lincoln National (nyse: LNC - news - people ) posts five quarterly declines in profit; cuts 540 (5% of workforce).
Jan. 26: Caterpillar (nyse: CAT - news - people ) announces quarterly profit plunge of 32%; fires 20,000.
Jan. 26: Following the acquisition of the small drug outfit Wyeth for $68 billion, Pfizer (nyse: PFE - news - people ) closes five factories and cuts 15% of total workforce (19,000 workers).
Jan. 26: Sprint Nextel (nyse: S - news - people ) pink-slips 8,000 workers--recording more than $300 million in severance charges but saving $1.2 billion a year in labor costs.
Jan. 26: Home Depot (nyse: HD - news - people ) closes high-end home design shops and slims ranks at headquarters; dismisses 7,000.
Jan. 26: General Motors (nyse: GM - news - people ) cuts production at several plants and fires 2,000 in Michigan and Ohio.
Jan. 23: Brazil-based Deere & Company (nyse: DE - news - people ) subsidiary lays off 502 employees.
Jan. 23: Abercrombie & Fitch (nyse: ANF - news - people ) cuts 50 from headquarters as company leans expenses.
Jan. 23: Harley-Davidson (nyse: HOG - news - people ) sees 60% drop in profits in fourth quarter of 2008; fires 1,100 (10% of workforce).
Jan. 22: Microsoft (nasdaq: MSFT - news - people ) has first mass layoff in 34-year history; pink slips 5,000.
Jan. 22: Huntsman (nyse: HUN - news - people ) reduces workforce by 9%; cutting 1,175 regular workers and 490 full-time contractors.
Jan. 21: Burlington Santa Fe cuts 2,500 workers (5% of workforce) despite a 19% jump in earnings during the fourth quarter.
Jan. 21: UAL (nasdaq: UAUA - news - people ) fires 1,000 to cut overhead costs.
Jan. 21: SPX (nyse: SPW - news - people ) attempts to sell a business unit and cuts 400 employees to help endure the downturn.
Jan. 21: Intel (nasdaq: INTC - news - people ) closes five manufacturing plants and pink slips 5,000.
Jan. 21: Walt Disney (nyse: DIS - news - people ) offers voluntary buyouts to 600 theme park executives on poor attendance.
Jan. 21: Wynn Resorts wraps up construction on Las Vegas Strip casino with 53-worker layoff in design and construction affiliate.
Jan. 21: Eaton (nyse: ETN - news - people ) brings total workforce reduction since the beginning of last year to 10% with 5,200-worker cut.
Jan. 21: Warner Bros. Entertainment--a part of Time Warner (nyse: TWX - news - people )--cuts 10% (800) of its jobs.
Jan. 20: Clear Channel Communications (nyse: CCU - news - people ) reduces workforce across the entire company by 9% accounting for 1,850 job losses.
Jan. 20: Deere & Co. (nyse: DE - news - people ) dismisses 120 at Iowa plant.
Jan. 16: ConocoPhillips (nyse: COP - news - people ) trims capital spending by 18%, writes off $34 billion and reduces workforce by 4% (1,300 jobs).
Jan. 16: Hertz Global Holdings (nyse: HTZ - news - people ) sets out for worldwide restructuring in first quarter of 2009; cuts 4,000 jobs.
Jan. 16: WellPoint (nyse: WLP - news - people ) reduces workforce by 600 and removes 900 open positions.
Jan. 16: Advanced Micro Devices (nyse: AMD - news - people ) reduces global workforce by 9% (1,100 jobs).
Jan. 15: Xerox (nyse: XRX - news - people ) cuts 275 jobs in New York region.
Jan. 15: MeadWestvaco (nyse: MWV - news - people ) fires 2,000 and plans closings or restructurings at up to 14 plants.
Jan. 15: Autodesk (nasdaq: ADSK - news - people ) expects loss from 2008 fourth quarter; pink-slips 750 (10% of workforce).
Jan. 15: Marshall & Ilsley (nyse: MI - news - people ) cuts 8% of staff (830) in ongoing cost-cutting.
Jan. 15: General Electric (nyse: GE - news - people )'s (nyse: GE - news - people ) jet-engine group cuts 1,000 white-collar jobs.
Jan. 14: Ecolab (nyse: ECL - news - people ) restructures and reduces workforce by 4% (1,000 jobs).
Jan. 14: Delta Air Lines (nyse: DAL - news - people ) gives 2,000 early retirements as part of 8% capacity reduction.
Jan. 14: Motorola (nyse: MOT - news - people ) lays off 4,000 following a 3,000-worker layoff last year; expects savings of $700 million a year.
Jan. 14: Google (nasdaq: GOOG - news - people ) fires 100 hirers as it cuts back on contract workers and temporary employees.
Jan. 13: Cummins (nyse: CMI - news - people ) freezes salaries for the rest of the year and lets 800 go.
Jan. 13: Pfizer (nyse: PFE - news - people ) cuts 800 researchers as it lowers cost in the face of poor performance and coming patent losses.
Jan. 12: Mosaic (nyse: MOS - news - people ) fires 1,000 in Saskatchewan.
Jan. 12: Aircraft maker and Textron (nyse: TXT - news - people ) subsidiary Cessna sends 2,000 packing.
Jan. 12: Best Buy (nyse: BBY - news - people ) clears 12.5% of its headquarters staff with 500-employee layoff.
Jan. 12: Precision Castparts (nyse: PCP - news - people ) dismisses 40 as airline industry continues to struggle.
Jan. 9: Oracle (nasdaq: ORCL - news - people ) reportedly cuts 500 from U.S. sales and consulting businesses.
Jan. 9: Boeing (nyse: BA - news - people ) cuts 4,500 and returns workforce size to what it was in early 2008.
Jan. 9: Freeport-McMoRan (nyse: FCX - news - people ) slices workforce in half at Arizona mine; 1,550 workers let go.
Jan. 9: Smitfield Foods' (nyse: SFD - news - people ) Butterball--the nation's largest turkey company--fires 75 at Missouri plant.
Jan. 8: Union Pacific (nyse: UNP - news - people ) pink-slips 230 as company struggles; stock down 22% year-to-date.
Jan. 8: Navy shipbuilder Bath Iron Works--owned by General Dynamics (nyse: GD - news - people )--dismisses 179.
Jan. 8: Continuing companywide job cuts at Eaton (nyse: ETN - news - people ) hit Iowa, with 78 laid off.
Jan. 8: Walgreen (nyse: WAG - news - people ) cuts 1,000--roughly 9%--from corporate and field manager ranks.
Jan. 7: EMC (nyse: EMC - news - people ) fires 2,400 as it reduces 2009 expenses by $350 million.
Jan. 6: Alcoa (nyse: AA - news - people ) starts global salary and hiring freeze, plans sale of four non-core businesses and cuts workforce by 13% (13,500 jobs).
Jan. 6: Aqua Glass--a subsidiary owned by Masco (nyse: MAS - news - people )--pink-slips 30 employees.
Jan. 5: Cigna (nyse: CI - news - people ) reduces workforce by 4% (1,100 jobs).
Jan. 5: United States Steel (nyse: X - news - people ) cuts 50 jobs as it closes production lines in Texas.
*Total announced layoffs at America's 500 largest public companies as measured by a composite ranking of sales, profits, assets and market value during November 2008. Includes layoffs at subsidiaries, joint ventures and majority-owned companies.
Job Layoffs for December 2008:
December 2008 Layoffs
Compiled by Klaus Kneale, 01.05.09, 01:45 PM EST
December layoffs have exceeded 100,000 at America's largest companies.
Layoffs for December 2008 at America's 500 largest public companies*:108,123
Dec. 31: Mohawk Industries (nyse: MHK - news - people ) closes spun yarn operation; 160 fired.
Dec. 31: Tyson Foods (nyse: TSN - news - people ) lays off 75 while converting North Carolina plant; drops 45 at Virginia plant.
Dec. 31: Target (nyse: TGT - news - people ) lays off 132 while converting Arizona store into a Super Target.
Dec. 30: Allegheny Technologies (nyse: ATI - news - people ) pink-slips 323 as stainless steel orders decline.
Dec. 30: Motorola (nyse: MOT - news - people ) increases October-announced layoffs by 400.
Dec. 29: Advanced Micro (nyse: AMD - news - people ) increases previously announced layoff by 100.
Dec. 23: Boeing (nyse: BA - news - people ) and Lockheed Martin (nyse: LMT - news - people ) joint venture ULA reduces previously announced layoff from 350 to 172.
Dec. 23: Johnson Controls (nyse: JCI - news - people ) expects loss in final quarter of 2008. Fires 125.
Dec. 23: Las Vegas Sands (nyse: LVS - news - people ) drops 500 more in Macau.
Dec. 22: Parker-Hannifin (nyse: PH - news - people ) fires 405 in varied locations as part of overall cost cutting.
Dec. 22: Eaton (nyse: ETN - news - people ) pink-slips 331 at factories across the U.S.
Dec. 19: Genworth Financial (nyse: GNW - news - people ) cuts global workforce by 14% (1,000).
Dec. 19: Electronic Arts (nasdaq: ERTS - news - people ) increases previously announced workforce cut from 6% to 10%. Total becomes 1,000.
Dec. 19: Sovereign Bancorp (nyse: SOV - news - people ) fires 1,000 while lowering costs.
Dec. 18: Omnicom Group (nyse: OMC - news - people ) slims itself with 3,000-worker layoff.
Dec. 18: Caterpillar (nyse: CAT - news - people ) pink-slips 814 workers in response to poor demand.
Dec. 17: Discontinuing supply chain operations in parts of South America, Ryder System (nyse: R - news - people ) fires 3,100.
Dec. 17: Western Digital (nyse: WDC - news - people ) cuts 5% of workforce (2,500) and slows production in response to decline in orders.
Dec. 17: Aetna (nyse: AET - news - people ) cuts costs for the new year. Drops 1,000 (3% of workforce).
Dec. 17: Bristol-Myers Squibb (nyse: BMY - news - people ) slices 10% of staff (3,700) following a 10% cut in back in July.
Dec. 16: CBS Corp (nyse: CBS - news - people ) fires 30 focusing on in-house network programming.
Dec. 15: Merrill Lynch (nyse: MER - news - people ) dismisses 400 amateur brokers-in-training.
Dec. 15: Charles Schwab (nasdaq: SCHW - news - people ) expects to pay out $20 million in severance as it cuts 100 jobs.
Dec. 13: Union Tank Car Company--majority owned by Berkshire Hathaway (nyse: BRK.A - news - people )--reduces production from 60 rail cars a week to 50. Lays off 130.
Dec. 12: Masco (nyse: MAS - news - people ) subsidiary KraftMaid Cabinetry pink-slips 500.
Dec. 12: International Paper (nyse: IP - news - people ) fires 1,500 as it continues cost-cutting.
Dec. 12: Las Vegas Sands (nyse: LVS - news - people ) pink-slips 216 staff in Las Vegas area.
Dec. 11: Bank of America (nyse: BAC - news - people ) plans 35,000 layoffs over three years; trying to survive recession and successfully absorb Merrill Lynch.
Dec. 11: Whirlpool (nyse: WHR - news - people ) cuts 150 positions at refrigeration plant.
Dec. 10: Dal-Tile--owned by Mohawk Industries (nyse: MHK - news - people )--cuts 105 from Gettysburg, Pa., branch.
Dec. 10: In line with plans to close a Clairol plant, Procter & Gamble (nyse: PG - news - people ) severs 320 jobs.
Dec. 9: Praxair (nyse: PX - news - people ) cuts costs. Closes extraneous product lines and fires 1,600.
Dec. 8: Anheuser-Busch (nyse: BUD - news - people ) cuts U.S. workforce by 6% (1,400), freezes hiring on 250 open positions and eliminates 415 contractor jobs.
Dec. 8: 3M (nyse: MMM - news - people ) lowers 2008 outlook; fires 2,300.
Dec. 8: Wyndham Worldwide (nyse: WYN - news - people ) pink-slips 4,000 while trimming timeshare business.
Dec. 8: Dow Chemical (nyse: DOW - news - people ) closes 20 plants, sells several businesses, cuts workforce by 11% (5,000 jobs).
Dec. 5: Legg Mason (nyse: LM - news - people ) lays off 200 (8% of staff).
Dec. 5: Newsday--owned by Cablevision (nyse: CVC - news - people )--raises newsstand price and fires 100.
Dec. 5: Staples (nasdaq: SPLS - news - people ) pink-slips half home office as part of 140-person layoff.
Dec. 5: General Motors (nyse: GM - news - people ) still suffering. Dismisses 2,000 more.
Dec. 4: Steel Dynamics (nasdaq: STLD - news - people ) lets 65 go in response to poor steel demand.
Dec. 5: Engine-maker Cummins (nyse: CMI - news - people ) cuts 500 white-collar jobs globally despite 25% net income growth last quarter.
Dec. 4: Telephone and broadband outfit Windstream (nyse: WIN - news - people ) fires 170.
Dec. 4: General Electric (nyse: GE - news - people )'s (nyse: GE - news - people ) NBC Universal pink-slips 500 (3% of workforce).
Dec. 4: DuPont (nyse: DD - news - people ) cuts 2,500 jobs in poor home-building, auto sectors.
Dec. 4: AT&T (nyse: T - news - people ) cuts capital spending and 4% of workforce; 12,000 fired.
Dec. 3: Freeport-McMoRan Copper & Gold (nyse: FCX - news - people ) lays off 600 from New Mexico mine.
Dec. 3: Jet engine maker Pratt & Whitney--owned by United Technologies (nyse: UTX - news - people )--lays off 350.
Dec. 3: Struggling media company Gannett (nyse: GCI - news - people ) cuts about 2,000 jobs throughout its publishing arm.
Dec. 3: Adobe Systems (nasdaq: ADBE - news - people ) warns of rough fourth quarter and 600-worker layoff.
Dec. 3: Jefferies Group (nyse: JEF - news - people ) pink-slips 300 (13% of workforce).
Dec. 3: Attempting to steel itself against the economy, Viacom (nyse: VIA - news - people ) freezes some salaries and dismisses 850 workers.
Dec. 2: Continuing difficulty in the steel market forces United States Steel (nyse: X - news - people ) to idle three facilities. Fires 3,500.
Dec. 1: JPMorgan Chase (nyse: JPM - news - people ) reduces workforce of recently acquired bank Washington Mutual (nyse: WM - news - people ); 9,200 workers (21% of WaMu staff) let go.
Dec. 1: PepsiCo (nyse: PEP - news - people ) pink-slips 87 workers at an Oklahoma Gatorade plant.
Job Layoffs for November 2008:
November 2008 Layoffs
Compiled by Klaus Kneale, 12.02.08, 01:15 PM EST
More than 90,000 people lost their jobs at America's largest public companies in November 2008.
Layoffs for November 2008 at America's 500 largest public companies*:91,250
Nov. 25: Dana Holding (nyse: DAN - news - people ) cuts 50 jobs at Missouri factory. Plant makes axels for Ford Motor (nyse: F - news - people ), General Motors (nyse: GM - news - people ) and Nissan (nasdaq: NSANY - news - people ).
Nov. 24: BlackRock (nyse: BLK - news - people ) fires 10 of its investing staff.
Nov. 21: Manufactured home builder Clayton Homes, a subsidiary of Berkshire Hathaway (nyse: BRK - news - people ), dismisses 90 from corporate headquarters in Tennessee.
Nov. 21: International Paper (nyse: IP - news - people ) closes Louisiana Mill indefinitely due to poor pulp demand. Fires 550.
Nov. 21: Western Union (nyse: WU - news - people ) cuts 200 jobs globally. Blames “challenging economic environment.”
Nov. 20: Bank of New York Mellon (nyse: BK - news - people ) reduces workforce by 4% (1,800 employees).
Nov. 20: Whirlpool (nyse: WHR - news - people ) sacks 100 from Indiana-based plant. Cites poor refrigerator demand.
Nov. 19: GM Thailand closes 130,000-unit-per-year factory for two months. Fires 258 from another.
Nov. 19: Boeing (nyse: BA - news - people ) pink-slips 800 workers at defense facility in Kansas.
Nov. 19: Carpeting company Shaw Industries, owned by Berkshire Hathaway, fires 125 from Georgia-based plant.
Nov. 18: Freeport-McMoRan Copper & Gold (nyse: FCX - news - people ) cuts 600 U.S. mining jobs. Blames sliding metal prices.
Nov. 17: Citigroup (nyse: C - news - people ) raises the interest rates on its credit cards and cuts 52,000 jobs.
Nov. 14: Boeing and Lockheed Martin (nyse: LMT - news - people ) joint venture ULA announces 350-worker layoff (later reduced to 172).
Nov. 14: Computer network builder Sun Microsystems (nasdaq: JAVA - news - people ) hopes to save $800 million a year with a 6,000-person reduction in workforce.
Nov. 13: United States Steel (nyse: X - news - people ) pink-slips 675 workers (2% of its staff). Stock down 80% from July to November.
Nov. 12: Hoping to save $400 million a year, Applied Materials (nasdaq: AMAT - news - people ) cuts 1,800 jobs (12% of workforce).
Nov. 12: Las Vegas Sands (nyse: LVS - news - people ) is putting several billion-dollar Macau-based projects on hold. As many as 11,000 workers will be laid off.
Nov. 12: Morgan Stanley (nyse: MS - news - people ) announces 2,000 job cuts. This includes a 10% cut in the company's institutional securities group and a 9% cut in its asset-management group.
Nov. 12: Liberty Media (nasdaq: LCAPA - news - people ) (nasdaq: LCAPA - news - people ) home shopping channel QVC announces a 910-worker layoff.
Nov. 12: Cessna Aircraft, a subsidiary of conglomerate Textron (nyse: TXT - news - people ), fires 665.
Nov. 11: AK Steel Holding (nyse: AKS - news - people ) suffers from decline in steel demand. 800 workers lose jobs as two factories go idle.
Nov. 10: General Motors (nyse: GM - news - people ) lays off 1,900 employees from its powertrain and stamping division. An additional 3,600 assembly employees were already getting pink-slipped.
Nov. 7: Ford Motor (nyse: F - news - people ) cuts 2,600 hourly employees in the U.S.
Nov. 6: Advanced Micro (nyse: AMD - news - people ) lays off 500.
Nov. 6: Toy producer Mattel (nyse: MAT - news - people ) announces 1,000 job cuts globally in preparation for a tough holiday season.
Nov. 6: Five-year-old Atlantic City establishment the Borgata Hotel Casino and Spa--a joint venture between Boyd Gaming (nyse: BYD - news - people ) and MGM Mirage (nyse: MGM - news - people ) --sacks 400 employees.
Nov. 6: Advertising agency BBDO Worldwide, part of Omnicom Group (nyse: OMC - news - people ), is firing 145 from its Troy, Mich., office.
Nov. 4: Hartford Financial (nyse: HIG - news - people ) is dropping 2% of its staff (500). Blames--what else?--sagging investments.
Go Back to the Forbes.com Layoff Tracker
*Total announced layoffs at America’s 500 largest public companies as measured by a composite ranking of sales, profits, assets and market value since Nov. 1 2008. Includes layoffs at subsidiaries, joint ventures, and majority owned companies.
U.S. Job Losses 2008-2009: