Oct. 23 - DuPont plans to slash its workforce by 1,500 jobs as global demand wanes. Conway G. Gittens reports.
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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL
Today's daily digit: 1,500.
That's the number of pink slips DuPont is dishing out.
The blue chip chemicals company is slashing jobs as it struggles with a sharp drop in demand worldwide, specifically in Asia and Europe.
Total sales tumbled a deeper-than-expected nine percent during the third quarter. Profits were way below forecasts and the company cut its outlook for the year.
Only half of the layoffs are tied to falling revenues, the company says. The other half comes from the sale of its slow-growing car paint business to a private equity firm.
No matter what the reasons, DuPont's job cuts are sparking worries weak revenue growth will prompt Corporate America to start slashing jobs again, just as the unemployment rate has been trending lower.