More Than 40000 Layoffs-Home Depot, Sprint ti,and Caterpillar inc

Several major U.S. and foreign companies announced thousands of new layoffs today as they work to adjust to new economic realities.

Sprint was one of at least four large U.S.-based companies announcing large-scale job cuts. Pfizer, which is buying rival pharmaceutical giant Wyeth for $68 billion, is planning to cut 8,000 jobs, or about 2 percent of its work force.

The closure of Home Depot's high-end EXPO stores, meanwhile, will affect 7,000 employees, or 2 percent of the company's work force. In addition, Home Depot today said it would also institute a salary freeze for company officers.

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