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hopefully the last….

Tens of thousands of job losses were announced in the US on Monday. American economists say they expect the recession to worsen this year.

US heavy vehicles maker Caterpillar said it would cut over 20,000 jobs to deal with the challenging global business environment.

The company had earlier announced axing 15,000 workers in 2008. The people who will lose their jobs amount to about 18 per cent of the company’s total workforce. Caterpillar currently employs about 1,13,000 workers.

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