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.