The U.S. unemployment rate has jumped to 4.9%. Also on the rise are the euphemisms being used by companies to describe layoffs:
TELEGLOBE "Today announced plans to revector portions of its business." Translation: 450 jobs lost
CISCO "The reduction in workforce will include...involuntary attrition and the consolidation of some positions." Translation: 3,000 to 5,000 jobs lost
SCHWAB "Announced today that...it plans to implement further restructuring to reduce operating expenses." Translation: 2,000 to 2,400 jobs lost
LUCENT "Expects to reduce its net headcount...through a combination of force management actions and attrition." Translation: 10,000 jobs lost...