Whirlpool Corp. (NYSE:WHR) announced it would cut 5,000 jobs by the end of 2009. America’s largest home appliance maker also lowered its earnings outlook after a 7% fall in Q3. This from Associated Press:

Whirlpool said the drop in profit reflects significantly higher material and oil-related costs and lower industry demand. U.S. industry unit shipments of major appliances declined 11 percent in the quarter.

Whirlpool said it now expects a profit of $5.75 to $6 per share for 2008, compared with its previous estimate of $7 to $7.50 per share.

Based upon its revised earnings expectations and the glum industry outlook, the company said it now expects to generate free cash flow of $50 million or less for the full year, well down from…