Thousands of jobs have been slashed in one day around the world, many in the manufacturing sector, as the global economic crisis worsens.
Construction equipment manufacturer Caterpillar is cutting 20,000 jobs worldwide which will include its operations within Australia.
Pharmaceutical manufacturer Pfizer has announced it will shed 19,000 workers when it completes a takeover of rival drug company Wyeth.
Also axing jobs is auto manufacturer General Motors, the ING banking and insurance group and electronics company Philips.
Sprint Nextel, a telecommunications company intends to axe 14 per cent of its workforce which equates to 8000 staff while home improvement retailer Home Depot is cutting 7000 positions.
These cuts follow last week’s announcements by Microsoft, Intel and United Airlines.
Japan's top 12 automotive manufacturers have indicated in an industry survey that they are planning to axe 25,000 jobs by the end of March and cut production by at least three million vehicles.
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