In another devastating economic news, big names like Caterpillar, Home Depot and Sprint Nextell have all announced early today lay-offs together totalling a staggering 35,000 jobs.

Corning has also said that it will lay-off 3,500 workers or 13% of its work force.  This week is shaping up to be another bad week for both manufacturers and workers following last Friday’s total of 70,000 job cuts.

Some industry giants like Caterpillar is laying off a total of 20,000 employees or 18% of its payroll.  Pfizer, the drug maker has announced that more than 18,000 people will lose their jobs as part of the  merger between Pfizer and Wyeth.

Europe is also reeling from the effect of the US economic crisis.  European companies like Phillips has already announced 6,000 job cuts.  ING, and insurance and banking conglomerate, says it will slash 7,000 jobs.

The wide spread job cuts have forced top and talented employees to lower their job sights.  A father of four from Texas worked as a Purchasing Manager for Verizon and was fired from his job after 28 years.  He recently turned in an application at the local Wall-Mart.

This news has put pressure on the new government of President Barak Obama.  Congress and law makers are expected to debate on his proposed $825 billion stimulus package intended to save or create millions of jobs.  Experts say that more job cuts are more likely as economist say that this is the worst recession to hit the country since the great depression.  Experts say that 3 million Americans will lose their jobs in 2009, up from the 2.6 million from last year.  The unemployment rate is expected to peak at 8.8%.