AT&T said Thursday it'll take a $600 million charge in its fiscal fourth quarter as part of a plan to cut 12,000 jobs, or 4% of the Dallas-based telecommunication giant's work force. AT&T also plans to cut its 2009 capital expenditures over 2008 levels, with a specific dollar figure to be announced in January. "While AT&T is reducing jobs in some areas, it continues to add jobs in other parts of the business -- such as wireless, video and broadband -- to meet customer demand," the company said. AT&T cited economic pressures, a changing business mix and a more streamlined organizational structucture for the layoffs. http://www.marketwatch.com/News/Story/Story.aspx?guid={22F4AE5F-D6DF-4D10-B850-D15CF7E55E42} We are at the beginning of the beginning of the beginning end of the recession....hum..what did I mean ?
There are hundreds of thousands of jobs that are going to be lost over the next year, this is nothing new, I would get used to seeing headlines everyday on companies letting go thousands of people. The economic expansion is over, the need to hire people and give them some name to make them feel like they are moving up the corporate ladder is over. The real economy is showing its true colors now.