It’s more than just a recession…it’s a depression.

Source: CNBC.com

Shockwaves from the global financial crisis are now being felt in almost every corner of working America as companies press the eject button on increasing numbers of their employees.

While the ax has been falling for months in the financial, homebuilding and auto industries—where the current economic downturn started—makers of everything from soft drinks to water filtration systems have unveiled rounds of job cuts in recent weeks as they brace for what could become a long and deep recession.

This week alone, companies including PepsiCo [PEP 53.88 0.80 (+1.51%) ] and Danaher said they would lay off thousands of workers, while the state of Massachusetts disclosed plans to cut its payroll by 1,000 as it faces a tax shortfall.

The situation is poised to worsen as the holidays approach as many businesses scrutinize budgets for the coming year. Christmas layoffs are common in tough times.

“It’s a fairly grim outlook,” said Michael Goodman, director of economic and public policy research at the Donahue Institute of the University of Massachusetts. “I don’t know of any sector of the economy that will be spared.”

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layoffs, depression

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