Target Layoffs, Consumer Worries

Today Target (TGT) becomes the latest big U.S. company to shed jobs.

From the Minneapolis Star Tribune:

The discount retailer would not disclose how many employees would lose their jobs, saying they first had to notify its employees. The layoffs will occur at headquarters, a spokeswoman said, and not in the company's stores.

"Like many other companies, Target is taking actions to manage payroll and non-payroll expense in the current economic environment," Target said in a prepared statement. "We believe the decisions we are making, though difficult, represent appropriate actions to manage our business and maintain our competitive advantage going forward."

A spokeswoman said the retailer would provide more information later in the day after fully notifying employees.

The latest bad news on employment comes on top of nearly 60,000 job cuts announced Monday by Pfizer, Home Depot, Caterpillar and others. As for Target, it's no surprise retailers are being hurt too as consumer confidence sinks to its lowest level ever.