Layoffs spreading across corporate America | WHAT REALLY HAPPENED


Layoffs spreading across corporate America

Shock waves from the global financial crisis are now being felt in almost every corner of working America as companies press the eject button on increasing numbers of employees.

While the ax has been falling for months in the financial and home-building industries -- where the current economic downturn started -- as well as the Detroit auto industry, makers of everything from soft drinks to water filtration systems have unveiled hefty rounds of job cuts in recent weeks as they brace for what some predict could become a long and deep recession.

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