Word: caterpillar
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Until then, Peoria seemed to have been coping with the recession. The region's unemployment rate had risen only modestly, from 4.5% to 6.2%, between November 2007 and November 2008. Home sales had fallen slightly, but far less than the state's average. So news of Caterpillar's crisis landed with a painful thud in the city of roughly 113,000, which counts the company as its largest employer. Caterpillar hasn't disclosed how many of its displaced workers live in this region, but about one-quarter of its global workforce is based in Illinois, mostly around Peoria. As light...
...Caterpillar is an iconic American corporation, producing everything from the tractors and earth-moving machines that come in archetypal construction yellow to footwear and boots. Its early 1900s tractors helped revolutionize the construction industry - and inspired the first military tanks that took to battle in World War I. But now Caterpillar is facing a very 21st century ordeal, one that almost all other companies face amid what is arguably the gravest economic crisis since the Depression. On Monday, Caterpillar joined other U.S. companies in announcing the collective loss of some 75,000 jobs at operations worldwide. (See pictures...
...local UAW's January meeting was filled with Caterpillar workers asking the assembled panel of experts for tips on how to retrain themselves for new jobs. At next month's meeting, Doty says, "we'll probably have those people back to address those same questions." Few here have clear plans on how to recover. Folks who years ago dropped out of college to take jobs at Caterpillar - jobs they assumed would take them into retirement - are strongly considering returning to get their degrees. Doty offers this advice to union members who have been ordered to take one- or two-week...
...CATERPILLAR...
...dazzle of the digital age, never forget the essential economic undertaking: busting rocks and moving dirt. You can't have Silicon Valley without first digging up the silicon, and even the smartest building starts out as a hole in the ground. So the news that Caterpillar is laying off 5,000 workers--bringing its total of recent layoffs to 20,000--only confirms that the economic contagion is spreading, from the executive floors of high finance to the bedrock world of tractors and dump trucks...