In December 1991, General Motors Corp. announced that it would lay off 74,000 employees. The same month, The New York Times reported that Xerox Corp., Eastman Kodak Co., IBM Corp., and General Motors, among other organizations, expect many 1991 layoffs to be permanent. Some feel that's because this latest US recession is not a cyclical downturn but an overdue adjustment indicative of a relocation of the world economy.
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