AT&T slashes jobs
05-12-2008
Telecommunications giant AT&T and other major US companies have unleashed a new wave of layoffs amid a deepening recession that saw government unemployment aid swell to a 26-year high. AT&T said it was cutting 12,000 jobs, or some four percent of its workforce, beginning this month and through the end of 2009, and slashing 2009 capital spending due to the economic downturn. The job cuts stemmed from "economic pressures, a changing business mix and a more streamlined organizational structure," the Dallas, Texas-based firm said in a statement. Chemical giant DuPont said it was eliminating about 2,500 jobs that mainly support its businesses that support the automotive and construction markets in the US and western Europe, citing "a sharp downturn in demand during the fourth quarter." Job cuts were also announced by media-entertainment group Viacom, which said a restructuring would reduce its workforce by some seven percent, or 850 jobs. The drumbeat of layoff announcements accompanied a Labor Department weekly report that put unemployment insurance claims at a 26-year high.
