Chrysler today notified workers that will be cutting its worldwide workforce by 1,000 white-collar employees. Comany spokesman David Elshoff says the cut comes as a response to the current market downturn which is showing no signs of improvement.

Elshoff said that Chrysler hopes to meet its goals through a combinations of buyouts and retirements.

"The signs of economic challenge continue for the U.S. market and as a result, further actions must be taken to improve our business and return to profitability," Elshoff said.

Yes people – it’s getting realy bad out there.

Source: Detroit News