There are signs that the economy may be stabilizing. After six consecutive months of decline, factory orders rose for the first time in February. The stock market, after a dismal start to the year, soared in March and has now moved into positive territory for the year. And there are some signs of the housing market leveling off. Nevertheless jobless numbers continue to reach records and the pharmaceutical and biotech industries have not been immune to the job cuts. A tally by The Burrill Report found in the first quarter alone, 90 companies announced nearly 30,000 job cuts as the number of new U.S. claims for state unemployment benefits jumped to a 26 year high last week. John Challenger, CEO of the outplacement firm Challenger, Gray, & Christmas, offers some perspective on the job losses in the life sciences, how companies should go about their downsizing, and what newly displaced workers should do to get new jobs.