Job Loss megathread, page 1

I know it's not a cheerful subject, but it is important. Arguably no industry or business is immune from the current economic downturn / catastrophe. Whatever you believe about the magnitude of current events, jobs have already been lost, and will continue to disappear.

The rate at which jobs are cut will be an important indicator both of the state of the economy and of the human cost of a failing system. (I say 'system', not 'economy' because the potential for productivity remains in place, but if the banks have managed to gamble away a significant proportion of the wealth of entire nations, demand is inevitably going to drop, and output, productivity, profitability and jobs will clearly decrease as a result.)

The point of this thread is to serve as an indicator of the rate of change in employment across the globe. Please feel free to post news of any significant redundancies no matter what the country.

I heard a report on BBC Radio 4 this afternoon about masses of people who have been laid off in the City of London (i.e. within the banking industry) who are now spending their time walking the streets aimlessly. A major topic of discussion was whether these people have transferrable skills. While it was pointed out some could retrain to become maths teachers the implication was clear that a large percentage will struggle to find employment, at least in the near future.

I did not hear figures for current losses quoted, although if we take into account what has been happening over recent months as well as recent days and weeks, we are undoubtedly looking at tens of thousands of people out of work from this industry alone. Anecdotally the figures may be huge: Thousands made Redundant in the City .

While some may cry "Serves them right!" the purchasing power of tens of thousands of highly-paid employees in the banking sector is already hitting the employment prospects of myriads of others. Here is just one example: Nannies first to go after City job losses

Forecasts are bleak. Here is one from today:
Scotland forecast to lose 38,000 jobs

The tourist industry will also be hard-hit. This example is from the UK, however the prevailing economic climate is unquestionably going to affect business across the globe:

Job losses and failing businesses forecast by Christmas

With talk of a merger between Ford and GM unemployment will rocket at a local level, but the repercussions will spread throughout the economy, as it is well known that the automobile industry creates vast (and often essential) demand for other businesses.

What we can achieve in this thread is an indicative ongoing record of the situation. Needless to say news of how businesses (or national economies for that matter) manage to diversify or adapt in other ways in order to stay on top or even increase employment would also be very welcome.

reply to post by seejanerun

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Really sorry to hear that.

Sounds like you've got what it takes. People with history of doing an honest job will have the best chance.

As for the folks from the stock exchanges, I'm not so sure...




( Any brokers on ATS - I'm sure you're the exceptions )

reply to post by ninthaxis

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It is pretty disturbing seeing people with a college education working retail. Making close to minimum wage along with the other workers without a degree, but still having to pay back college loans, lol. I hate to say it, but I really do not think this is a short term trend. It might be particularly bad with the state of things currently, but this really is a long term thing. We're going to see more and more people with college education taking pretty low paying jobs, at least the way things I see it as a college student.

My sister is on her last semester of her biology degree, and took a retail job for some temporary money. She mentioned to me the large amount of people that had 4 years degrees working there. Could you imagine people without college degrees getting pushed out of retail eventually? lol, a 4 year degree being required to work at Walmart will be a sad reality. Even when she graduates, she doesn't expect to make more than around 30k a year which I don't see as being all that high.

[edit on 14-10-2008 by ghaleon12]

reply to post by pause4thought

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You mean there are job losses!?!

reply to post by pluckynoonez

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Plucky, how did you get on the stage with McCain?



In any case I am genuinely appalled at what I'm hearing. It is already sounding like a recession, no matter what the papers say.

The stock market can boast about short-term gains. But the man in the street has been feeling the pinch for a very long time. When it affects jobs you know it is serious.

(The only consolation so far is that no-one has reported mass job losses.)






[edit to correct typo]

[edit on 14/10/08 by pause4thought]

Originally posted by ghaleon12
reply to post by ninthaxis

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It is pretty disturbing seeing people with a college education working retail. Making close to minimum wage along with the other workers without a degree, but still having to pay back college loans, lol. I hate to say it, but I really do not think this is a short term trend. It might be particularly bad with the state of things currently, but this really is a long term thing. We're going to see more and more people with college education taking pretty low paying jobs, at least the way things I see it as a college student.

I gave up a chance on a uni education for similar reasons, no pint if things do not work out. lol when i look back now, and wonder what could have been, but to that i have been proved right in that aspect, and i am glad some of the things turned out the way they did.

reply to post by SKUNK2

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There is always someone worse of, i have not worked since 1999, because of what was done to me. Working sure does give you some respect you do not have, being on the dole.

Nevermind there are probably more government jobs out there.

The news from the UK is not good:

Unemployment likely to rise again

(The official figures are due out later today.)

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