In The News

Cat announces massive job cuts

PEORIA, Ill. -- Heavy-duty equipment maker Caterpillar says it's cutting 20,000 jobs worldwide as a result of weak demand in the construction industry.

Cat, which recently announced it's getting out of the heavy-duty on-highway truck engine business, says about 8,000 of the lay-offs are contract workers and 5,000 are management positions, according to Bloomberg.

President Barack Obama last week announced a stimulus package that includes billions for infrastructure projects, but it might not be enough to significantly boost heavy-duty equipment sales.