Tsunami of layoffs hits global economy

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In the latest indication of plummeting corporate confidence, companies in almost every industry from construction to pharmaceuticals have announced massive job cuts worldwide. The Takeaway talks to Jim Ellis, assistant managing editor at Business Week for a preview of what's to come.

"The U.S. was on a purchasing binge simply because lots and lots of people had money, often funded through their houses, but it was still money to be spent."
— Jim Ellis, assistant managing editor at Business Week, on the country's spending prior to the recession