December layoffs exceed 100k - Job cuts continue to mount in December as recession deepens.

[Liberal_in_LA]

http://money.cnn.com/2008/12/12/news/economy/job_cuts/index.htm?postversion=2008121212

December layoffs exceed 100k

By Jessica Dickler, CNNMoney.com staff writer
Last Updated: December 12, 2008: 1:30 PM ET

NEW YORK (CNNMoney.com) -- The second week of December was another brutal one for jobs, as Bank of America and at least 20 other companies announced more massive cuts.

"The recent news does not bode well," said Rich Yamarone, director of economic research at Argus Research. "This is the reason it's going to be the longest recession we've had in post World War II history."

The week got off to a rough start on Monday when Dow Chemical (DOW, Fortune 500) said it would eliminate 5,000 positions and close 20 plants. In addition, Belgian-based brewer Anheuser-Busch InBev said it would reduce 1,400 positions; 3M (MMM, Fortune 500) also reported 1,800 cuts.