Workers around the world face losing their jobs as several big corporations announced more than 70,000 layoffs in one single day.
The biggest cuts came in the US where construction equipment maker Caterpillar said it would cut around 20,000 jobs.
In Europe, electronics group Philips, financial firm ING and UK steelmaker Corus announced cuts.
The announcements underscore the depth of the global downturn.
"Without a doubt, 2009 will be a very tough year," said Caterpillar chief executive Jim Owens.
Many of the companies making layoffs unveiled poor financial results and issued gloomy outlooks for 2009.
Caterpillar said its fourth-quarter net profit fell 32% from a year ago to $661m (£482m).
Stimulus plan urged
US President Barack Obama cited the layoff announcements as he urged Congress to approve an $825bn economic stimulus package of tax cuts, emergency benefits and public spending projects.
"Those are not just numbers," he said, but more working men and women "whose families have been disrupted and whose dreams have been put on hold".
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