Caterpillar to cut 20,000 jobs

CHICAGO (Reuters) - Caterpillar Inc said on Monday that quarterly earnings fell more than 32 percent and warned of a tough year ahead as the downturn that began in the United States metastasized into a full-blown global recession that hit sales of its earth-moving equipment.

The company also warned that profit in 2009 would be under severe pressure and said that it would cut about 17,000 workers and buy out 2,500 others, to reduce costs in the face of what it predicted would be the weakest year for business since the end of World War Two.

http://uk.reuters.com/article/pressReleases/idUKTRE50P2SM20090126

 

Every time facts such as this reveal themselves, bulls shed their horns and testicles.

 

"Caterpillar" are the manufacturers are "30-feet high giant mining trucks" and other heavy & giant machinery. This means worldwide giant industries are shutting down.

Mining industry is the base of all giant industries worldwide.

 

bfft market surging. Seriously, jobs cuts are a normal part of the economy.

 

Just as s_t3 is a normal part of the lower food chain.

 

People that work in the 'tar sands' oil industry are quite nervous right now, as equilibrium costs of production of a barrel of oil are around $45-$50 per barrel.

 

Steel and MIning are the basic indictors of economic growth.

Yesterday British biggest steel company Corus declared 3500 jobb cuts. Few days back Archelor-MIttal biggest steel company in world also declared 6000 to 10,000 job cuts.

This means world economy is crashing rock bottom.