Companies Accelerate Layoffs

Companies are accelerating job cuts amid declining sales and the expectation of tougher times across the economy.

This week alone, employers have announced at least 33,000 job cuts in the latest round of grim announcements from the corporate trenches. AT&T Inc. on Thursday said it will cut 12,000 jobs, or 4% of its work force. Other household names announcing payroll cuts included Viacom Inc., DuPont Co. and Avis Budget Group Inc.

The U.S. economy has lost about 1.2 million jobs this year. And when the government issues its monthly employment report Friday, economists expect to see a loss of 350,000 ...