PwC to Lay Off Eight Percent of Workforce

Remember when the term "lay off" meant a temporary hiatus, and eventually you would get your job back? Those days are gone. Get laid off today and you're looking for a new job. That's what is about to happen to approximately 750 to 1,000 consultancy workers at U.S. offices of PricewaterhouseCoopers, the world's largest accounting and consultancy practice, as the firm strives to respond to an economic downturn.

The news of the firings came to PwC employees in an e-mail message, which explained that the current economic climate was responsible for a slowing down of planned consultancy services. "The impact of a softening economy is hitting our clients hard," said the e-mail, which was written by the head of the firm's Midwest business unit, who was not identified.

The e-mail message explained that employees selected for lay offs would be "counseled out" later this month.

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