"We've seen a spate of bad earnings announcements," says John Challenger of outplacement firm Challenger Gray & Christmas. "Companies often take fast action," which results in job cuts.
Colgate-Palmolive was the most recent example Thursday, with plans to cut 2,300 jobs. But that announcement just piled on top of similar revelations from firms such as online game company Zynga, heavy equipment maker Caterpillar, computer chipmaker Advanced Micro Devices and chemical firm DuPont in recent weeks.
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