China's economic slowdown and cheap oil are killing more American jobs, this time at a giant in U.S. business.
Caterpillar announced that job cuts could exceed 10,000 through 2018, along with the potential closing of more than 20 unspecified manufacturing facilities. Up to 5,000 employees will lose jobs between now and the end of 2016.
The moves are aimed at cutting $1.5 billion in annual costs as the global growth outlook continues to darken. Caterpillar is heavily exposed to the turbulence ripping through the world's economy. Nearly 10% of the company's revenue is generated in China, where the country's economy is shifting from infrastructure-led growth to being more consumer driven.
Read more about how the current rough stretch for Caterpillar just got rougher.