Big US firms announce over 70,000 additional job cuts

NEW YORK: US seven major business firms Monday on the first day of the week announced further relieving of over 70,000 of their employees in the wake of the global recession. Among the companies, which resorted to massive downsizing, machinery manufacturing giant firm Caterpiller topped the list by relieving of their 20,000 employees, while the world’s largest pharmaceutical firm Pfizer and telecommunication organization Sprint Nextel have announced 8,000 job cuts. Besides, Home Depot, Dutch Financial Group sacked 7000 of their employees and Texas Instrument 3,400. American economy continued its downward spiral with business economists predicting many more U.S. job losses in 2009.