The world economic meltdown is taking no prisoners, no one can go head on to this giant, not even big bad AT&T, what to do but cut some jobs and hope for the best.

AT&T

AT&T Americas #1 mobile network is feeling the pinch; it's so painful that they are now forced to slash 4% of their work force which means 12,000 unlucky souls will lose their jobs and lengthen that deadly unemployment line that is plaguing the US like a murderous disease.

The job cuts will take place in the remainder of this year throughout 2009, how far in 2009 was not said but I expect it to be all over by Q2. Jobs won't be the only thing getting slashed at AT&T, spending will be lowered from the high of this year to lower capital come next year.

"While the weak macro environment is taking its toll on the business, we believe the cuts show the large telcos... have levers they can pull to partially offset the effects of the slowdown," said UBS analyst John Hodulik.

All this hoool-a-hooo has done good for AT&T shares as it rose 1.4% to $29.53 in early tradings, I'm not expecting the Telecommunication sector in the US to slump like that of the Banks and the Automakers, then relying on the Government to bail them out. This is a no biggie for AT&T, they got the cash and the infrastructure to ride out the economic downturn storm.