Caterpillar, the construction and mining equipment maker has announced cutting 10,000 from 2016 to 2018. Most of the cuts will come by the end of this year. It has already reduced 31,000 jobs since 2012.
Shares of Caterpillar dropped to a five year low. Other mining and energy companies that have also suffered, due to oversupply and slow economic growth in China. In the past year, these companies have made cuts and put expansion plans on hold as prices of crude oil, copper, and iron have plunged to six-year lows.
Recently, Haliburton an oilfield services provider based in Houston eliminated 2000 jobs.
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