Signs of a recession slip economy and dollar values further, large and small organizations in the US announce significant layoffs and other job cuts in the past two weeks and its going to be in future also.
The latest impact of a global economic downturn and numerous layoffs pushes governments to take necessary action.
The New US president Barack Obama, cite the layoffs are the reason the US could not find the money for "distraction" or "delays" to an $825billion financial incentive plan currently being debated in US congress.
The profits also drooping in unbearable percent, it rushes the US based companies to layoff to earlier.
The US’s third largest wireless provider Sprint Nextel cutting 8000 jobs its nearly 14 percent of its workforce.
Giant construction equipment manufacturer Caterpillar announce it was to empty about 20,000 seats, which amount to about 18 per cent of the firm’s entire workforce, after its profits slumped by 32 per cent.
The struggling US car manufacturer General Motors cutting extra 2000 jobs.
A US retailer of home appliances Home Depot, also announced it was to cut 7,000 jobs and close its smaller Expo chain as the slumping US economy continues to hit the nation’s housing market.
The job layoffs come as the US senate confirmed Timothy Geithner, former chief of the New York Federal Reserve Bank, as the new US treasury secretary.
Geithner, will have one of the toughest jobs in the new Obama management as it tries to bring back coolness in the US economy.
The job cuts were happening because US firms are currently in the middle of reporting fourth quarter results and many US firms are reporting profits sharply down or even financial losses said by Al Jazeera’s John Terrett.
Obama’s hopes that the incentive plan and tax cuts, can be implemented by mid-February, but some Republicans have argued.
Although the Obama has enough votes to get victory, in the House of representatives or the US senate.
The expected to vote on the stimulus package bill on Wednesday.
Yesterday Obama says the government owes it to "every American” to act with a "sense of urgency” and "common purpose" on the bill.
Obama said he hopes to create 2.5 million green jobs, also announced action to allow states to further curb fuel emissions.
Obama said he wanted to combine the plans for greater fuel efficiency with new technology to help create jobs.