Massive DUPONT LAYOFF JOB CUT: DUPONT to FIRE 8000 contractors

DUPONT Job Lay off

DUPONT has announced that it will cut 8000 jobs of contractors. DUPONT had already announced laying off about 2,500 jobs last month and firing 4000 contractors.

Reasons for DUPONT Job Layoff.

The above announcement of Job Layoff comes after Dupont reported a loss of $629 million in the fourth quarter of 2008. Dupont has cited declining consumer spending which has led to sharp fall in demand as one of the reasons for embarking on the above cost cutting exercise.

Effect of Job Layoff on Stock Price.

Naturally, investor's have cheered this move and Dupont stock is up about 4 to 5 percent since the announcement. source: nytimes.