Caterpillar announces second round of layoffs this week

Caterpillar announced plans today to lay off an additional 2,110 workers, more sad news to end a brutal week that began with the heavy machinery company's announcement Monday that 20,000 jobs would be slashed during what will be a tough year ahead. The announcement brings to an end the worst week for Caterpillar since the mid-1980s, with worldwide economic weakness dramatically cutting orders for the company's mining and construction equipment. The employees affected by the latest layoffs work at three plants in Aurora, Decatur and East Peoria, Illinois.

--Posted by Steven Schiff, Vault News & Commentary