By ABC North America correspondent Michael RowlandCompanies...

By ABC North America correspondent Michael Rowland

Companies around the world have slashed more than 70,000 jobs in a single day as the global economic slump deepens.

No sector has been immune from the new wave of job losses.

Construction equipment maker Caterpillar, which has operations in Australia, is cutting 20,000 jobs worldwide.

Drug manufacturer Pfizer will shed 19,000 workers when it completes a takeover of a rival drug giant Wyeth.

Also axing jobs is car maker General Motors, banking and insurance group ING and electronics firm Philips.

US President Barack Obama says the job losses are more than simply numbers on a page.

"These are working men and women whose families have been disrupted and whose dreams have been put on hold," he said.

US companies say they expect to shed many more workers in the months ahead.

Dave R.