Tens Of Thousands Laid Off On Jan 26th

(Originally posted Jan 26, 2009)

Jan 26, India's Republic Day (get out, you Brits!), turned out to be a painful day in the US. 70,000 employees are going to be laid off as a result of Monday's announcements.  Among those making the rounds:

General Motors is cutting 2,000 jobs in Michigan and Ohio plants

Home Depot is laying off 7,000 people, and closing its Expo chain and some other smaller locations. 

Texas Instruments is laying off 12% of its employees - 3,400 people.  Demand for their chips has softened, given that virtually every downstream sector that is a customer (including cell phones) is experiencing soft demand, and high inventory.