More Layoffs, Benefit Cuts, Buyout Offers

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The layoff numbers keep growing.

PNC Financial Services Group says it plans to cut 5,800 jobs. Airplane maker Hawker Beechcraft says 2,300 employees will lose their jobs before the end of the year and warns more layoffs may be coming.

Liz Claiborne is zapping 725 jobs, or 8 percent of its work force. King Pharmaceuticals is getting rid of 520 jobs and military contractor Rockwell Collins is slashing 600 jobs and freezing salaries.

UPS is freezing management pay and is suspending its matching contributions to workers' 401(k) plans. And General Motors says it will offer buyouts to all of its hourly workers.

Some analysts project the jobless rate could hit 10 percent or higher later this year or early next year.

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