Down the Slope and Up Again:
Wherever you look, news about the economy is bad.
Layoffs abound. Pfizer, a pharmaceutical giant, recently announced 8,000 job cuts. Home Depot, the biggest home improvement retailer in the U.S., said it will eliminate 7,000 jobs. Even the State of California is letting 20,000 go. The economy lost 2.6 million jobs last year, the most since 1945, and it shows no signs of improving in 2009.
Large companies are hemorrhaging. General Electric Co., a bastion of the economy, posted a 46 percent drop in fourth-quarter earnings. Aetna Inc., the third-largest U.S. health insurer, reported a 57 percent drop in profit. Coca Cola, American Express, and J.C. Penney…the list goes on.
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