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Monday, January 26, 2009
Over 70,000 jobs were cut on what the FT calls "one of the gloomiest days in the global economic crisis so far". The size and global scale of the job losses are staggering. Raymond Torres of the ILO explained the situation in this way:
“We have a vicious circle of depression, where job losses lead to falling consumption, which lowers industrial confidence, which leads to less investment, which results in more job losses, and so on.”
As a recent masters graduate still looking for employment, that's some really bad news.
Labels: financial crisis, investment, labor
