Financial crisis spawns more pink slips

Amid economic weakness, more companies resort to job cuts

Jack Needles stands in front of his home in Hilliard, Ohio.

Needles is facing his second layoff in six years amid weak economic conditions.
(Matt Sullivan / for msnbc.com)

By Allison Linn
Senior writer
msnbc.com
updated 10:32 a.m. ET Oct. 27, 2008

For Jack Needles, life was just getting back on track.



Allison Linn
Senior writer

Laid off in 2002 from a large insurance firm, Needles spent four of the last six years working his way up from a customer service position back to the type of business analyst job he was trained to do. He endured a steep drop in income, almost lost his house and ended up with credit problems that he was just putting behind him.

And then, about two weeks ago, the rug was pulled out from under him again: Needles, 39, learned that he would be laid off from the electronic processing department of a major bank, a victim yet again of a weak economy that was forcing his employer to cut costs.

Read more ... ( click here )
Source: MSNBC