posted under sexy-news by jay

It looks like 2009 isn’t off to a good start when it comes to jobs. Home Depot layoffs reached 7,000 Monday as yet another big name company does huge cuts in order to save money.

In my last post, I mentioned how Sprint laid off 8,000 employees and in total, ten of thousands of people lost their jobs at the start of this week.

We are truly in an economic crisis and it doesn’t seem as though it’s going to get better with the unemployment rate for 2009.

Home Depot’s 7,000 employee layoff is virtually two percent of their workforce. In addition to the drastic cuts in jobs, they will also cut down on corporate support staff and freeze any increase in salaries for the remainder of the year.

Home Depot, the home imporvement retailer franchise is expecting to see a $1 billion cut in their capital spending.

Of course with all these budget cuts, Home Depot is also expecting their stocks, earnings per share, etc to fall as well. They are estimating that their earnings per share to fall 24 percent and sales to decline 8 percent for the upcoming fiscal year.

Home Depot is just another big company that is being effected by the economy. There will be a lot more companies following in their footsteps.