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Which Industries Are Getting Hardest Hit By The Pink Slip Axe

SUZANNE PRATT: Today, Sony became the latest major corporation to announce steep job cuts and plant closures. The electronics giant said it will close 10 percent of its production facilities and eliminate 8,000 full-time jobs. It's also slashing 8,000 part-time and seasonal positions. Fear of a deepening recession is forcing companies in every sector to cut costs. In many cases, firms are opting for layoffs just weeks ahead of the holidays. And as Erika Miller explains, experts believe for job losses, the worst is yet to come.

ERIKA MILLER, NIGHTLY BUSINESS REPORT CORRESPONDENT: Forget about holiday cheer -- for many Americans, the season is filled with worry about work. Layoffs have been picking up steam all year, bringing the government's official tally to about two million jobs lost nationwide this year. 2008 is already the worst year for employment losses since 1982. Sony, Dow Chemical, the National Football League and Wyndham are just a sample of the many companies announcing layoffs this week, evidence that virtually every sector of the economy is feeling the pinch. Job placement specialist Susan Eaton predicts the bloodletting will continue, even through the holidays.

SUSAN EATON, DIR., PROFESSIONAL SERVICES, LEE HECHT HARRISON: As far as what's happening during the holiday, I don't think companies will necessarily hold off layoffs just because it's the holidays. In fact, any company that might be concerned about paying bonuses in '09 might in fact be making decisions in '08.

MILLER: Employment expert Jo Bennett expects the financial sector to remain at the epicenter of layoffs.

JO BENNETT, PARTNER, BATTALIA WINSTON: From the financial sector you go -- it trickles down to all other sectors. I mean, small businesses can't get credit and so therefore they are hurt by the problems in the financial sector and they end up laying off.

MILLER: Experts say this recession is likely to feel more painful than previous downturns, because companies are already pretty lean. Many highly trained workers are having to take far less skilled jobs like waiting tables, just to have a paycheck. Others are opting for positions that are freelance or part-time. And at some firms, workers who manage to keep their jobs are also making sacrifices.

BENNETT: They're asking some people to take no bonuses. They're asking others to take salary cuts. I've heard about a company that offered its employees time off between Christmas and New Year's without pay. So they do try. I think they try to cut back in every respect.

MILLER: For now, economists expect job losses to continue through at least the first half of 2009. But they warn the downturn could become much more painful if there's no government stimulus plan early next year. Erika Miller, NIGHTLY BUSINESS REPORT, New York.