Whirlpool Cuts Jobs

(Benton Harbor, Michigan) Whirlpool Corp., the world's largest appliance maker, has announced plans to cut 5,000 jobs, about 10 percent of its workforce.

Earnings projections have also been cut, prompting a drop in share prices.

The company, whose brands include Maytag and KitchenAid, has, like other appliance makers, been squeezed by soft U.S. demand since the recession and rising costs for materials such as steel and copper.

Due to its size, Whirlpool's performance provides a window on the economy because it indicates whether consumers are comfortable spending on big-ticket items.

Notably a big loss, the company's Fort Smith, Arkansas, plant will close with the elimination of approximately 1,000 jobs.