And the Award for Cutting the Most Jobs Goes to …

Photo (cc) by wbaiv

Unemployment rates have improved over the course of the year, but large-scale layoffs continue to make headlines too.

The latest news comes from Caterpillar. The world’s largest construction and mining equipment company announced Sept. 24 that it would cut up to 10,000 jobs by the end of 2018. As Reuters reported:

Over the past year, miners and energy companies have chopped budgets and put expansion projects on hold as prices of raw materials such as crude oil, copper, coal and iron ore have plunged to six-year lows amid lingering worries about oversupplies and China’s slowing economic growth. As a result, orders for equipment have dried up.

According to Challenger, Gray & Christmas, an outplacement company that helps workers find new jobs, Caterpillar’s announcement ranked it among the companies that have announced the largest number of layoffs so far this year.

While the company at the top of the list, Hewlett-Packard, has announced 30,000 layoffs so far this year, job cuts by companies like Caterpillar are more worrisome to Challenger, Gray & Christmas.

The firm’s chief executive, John A. Challenger, says in a news release:

“Despite the fact that Caterpillar is announcing fewer cuts than HP and several other companies, it is perhaps among the more troubling announcements in terms of what it signals about the overall health of the global economy. Hewlett-Packard’s job cuts were more a result of its inability to keep up with changing trends in the tech sector. Fortunately, many companies in the tech sector are thriving and the impacted employees should be able to land new opportunities without much difficulty.”

Other companies at the top of Challenger, Gray & Christmas’ latest layoff list include:

  • Hewlett-Packard
  • Target Corp. (layoffs due to Canadian store closures)
  • Schlumberger Ltd.
  • Baker Hughes
  • Halliburton Co.
  • Great Atlantic & Pacific Tea Co. (A&P)
  • Microsoft
  • RadioShack
  • Procter & Gamble
  • Nabors Industries
  • Caterpillar
  • JPMorgan Chase & Co.

What’s your take on layoffs announced by large corporations this year? Sound off in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Ways Anyone Can Cut Their Health Care Costs
7 Ways Anyone Can Cut Their Health Care Costs

Here’s how to lower your medical expenses without skimping on care.

10 Ways Retailers Trick You Into Spending More
10 Ways Retailers Trick You Into Spending More

Think you’re a savvy shopper? Find out how retailers persuade you to dig more deeply into your wallet.

5 Products You Should Never Buy Generic
5 Products You Should Never Buy Generic

Generic products are a great way to save money, but sometimes the brand-name version is clearly superior.

15 Products You Need — Even If You Didn’t Know It
15 Products You Need — Even If You Didn’t Know It

Discover some must-have products on Amazon that you didn’t even know you were missing.

7 Hobbies That Help You Live Longer
7 Hobbies That Help You Live Longer

Research shows some hobbies can add years — or even decades — to your life.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

10 Useless Purchases You Need to Stop Making
10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

7 Social Security Rules Everyone Should Know by Now
7 Social Security Rules Everyone Should Know by Now

Confusion over Social Security is a shame, considering how many of us will need this money badly.

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

They don’t make coffee makers like this anymore.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

What a $15 Minimum Wage Means for Social Security
What a $15 Minimum Wage Means for Social Security

A federal minimum-wage hike could affect the Social Security system dramatically.

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

Is Writing a Check Still Safe?
Is Writing a Check Still Safe?

Every time you pay by check, you hand your bank account numbers to a stranger.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

6 Ways to Protect Your Retirement Accounts From Hackers
6 Ways to Protect Your Retirement Accounts From Hackers

Imagine having $245,000 stolen from your retirement account — and not being reimbursed.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

7 Hidden Sections of Amazon Every Shopper Should Know
7 Hidden Sections of Amazon Every Shopper Should Know

These little-known departments of Amazon are gold mines for deal-seekers and impulse shoppers alike.

7 Costly Health Problems That Strike After Age 50
7 Costly Health Problems That Strike After Age 50

As we age, our bodies wear down. Here is how to cut costs associated with some common ailments.

This Is the Most Dependable Car Brand in the U.S.
This Is the Most Dependable Car Brand in the U.S.

This brand’s vehicles are least likely to give drivers repair headaches, according to J.D. Power.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

7 Things I Never Buy at Costco
7 Things I Never Buy at Costco

A bulk buy isn’t always the best buy.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.