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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

NOW It's a Recession: Google Lays Off Recruiters, Cuts Products

When the recession hits gold-plated Google, then it's really a recession.

The Web search-and-advertising giant announced this morning -- via its own blog -- that it's letting go 100 recruiters.

"As we made clear during our last quarterly earnings call in October, Google is still hiring but at a reduced rate," Google wrote. "Given the state of the economy, we recognized that we needed fewer people focused on hiring."

Think about that for a minute: Google had at least 100 recruiters. That's a lot of recruiters, especially considering Google is a company that has been turning away floods of applicants, as every 20something seemed to want to work for the company.

However, after hitting a crazy-can't-last-but-we're-all-in-blissful-denial high of more than $700 per share in late 2007, Google is trading today at about $288 per share, a loss of more than 60 percent.

Google said it hopes many of the axed recruiters will find other jobs at Google.

Also, the company is asking 70 of its engineers -- located in Austin, Texas; Norway and Sweden -- to move to other Google offices. If they cannot, they're out of a job. Austin: A warmer place to be out of work than Norway or Sweden.

Google also said that it will kill or cut back on many of its products that, as Silicon Alley Insider put it, "made no money," including Google Catalog Search, bookmarking service Google Notebook, mobile social network Dodgeball, microblogging service Jaiku and Google Mashup Editor.

-- Frank Ahrens
The Ticker is Twittering!

By Frank Ahrens  |  January 15, 2009; 10:36 AM ET
Categories:  The Ticker  | Tags: Google, contraction, recession  
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