According to the Bureau of Labor Statistics, US lost 600K jobs in January 2009 and the unemployment rate jumped to 7.6 percent. About 3.6 million jobs have disappeared since December 2007. Nearly half of those are axed in the past three months. Even India lost 500,000 jobs in the last 3 months mostly in IT, Export, Travel, Hospitality sectors. In US, manufacturing shed 207,000 jobs in January, the largest one-month decline since October 1982. Construction lost 111,000 jobs. About 1 million construction jobs have been eliminated in the past two years.Overall, 11.6 million Americans were unemployed in January.
Deadly January
As I mentioned earlier, in January most of the companies announced poor results for Q4, 08 with upcoming job cuts. If there are no job cuts with poor results, Wall street will push down the stock price further. Hence the job cuts are necessary evil for the companies to survive in the turmoil.
Unemployment crisis
More than thousand lined up for 35 firefighter jobs in Miami on Monday. Some even were in the line from Saturday.
Thousands of unemployed people at Job expo in China on Thursday.
0 comments:
Post a Comment