Holiday job cuts gain momentum

CHICAGO, Nov. 29 (UPI) -- Holiday-season job cuts are mounting in the United States, with thousands announced just since Thanksgiving, a private consultant said Wednesday.

Among the biggest reductions are 2,200 by Pfizer, 7,000 from the closure of 20 hospitals in New York and the 38,000 Ford employees who accepted buyouts and will begin leaving the company in January, accelerating a six-year plan to eliminate 25,000 to 30,000 jobs, Challenger, Gray & Christmas said in a news release.

"Some might think that jobs are more secure this time of year, assuming that employers with the holiday spirit will postpone job cuts. Unfortunately, these numbers indicate that job security is by no means assured this year," said John A. Challenger, chief executive of the company, a global outplacement consulting firm that tracks job-cut announcements daily.

"What is most worrisome about the most recent cuts is that it appears that the slowdown, which has been concentrated in automotive and housing-related industries, is expanding to other areas of the economy. Healthcare and pharmaceutical companies have resisted downsizing for so long that they seemed virtually untouchable," Challenger said.