Ahead of the Bell: Mass layoffs

WASHINGTON—A government report Wednesday likely will show that employers cut thousands of workers in "mass layoffs" in January as the recession deepened.

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Companies from a wide range of industries said they would cut more than 130,000 workers in January, according to an Associated Press tally. Corporations reduced payrolls as consumers and businesses slashed spending, worsening a recession that began in December 2007. Home Depot Inc., Pfizer Inc., Boeing Co., and Caterpillar Inc. all announced thousands of layoffs last month. And the pain has continued this week. On Monday alone, troubled flash memory maker Spansion Inc. said it will cut about 3,000 employees and computer chip maker Micron Technology Inc. announced it will slash as many as 2,000 workers by the end of August...more

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