The news feeds were rather dominated by AIG headlines today. This is a short reminder that jobs are disappearing worldwide. The headlines:
Australia to Cut Skilled Visa Intake to Protect Jobs — They are not alone in their shortsightedness. This is a decline of 18,500 visas from previous forecasts.
Dana Has $256 Million Loss, Boosts Job Cuts to 5,800 — The auto supplier recently emerged from bankruptcy. This is 800 new job cuts.
Eaton to Shut Indiana Plant, 105 Workers to Lose Jobs — More auto supplier jobs.
Ford Cancels Shift at Spanish Plant as Sales Slump on Recession — Foreign auto jobs. 1,000 jobs.
European Payrolls Shrink by Record as Economic Slump Deepens — Just a reminder that things are bad everywhere.
Brazil’s Economy to Expand at Slowest Pace in Decade — … Though things are better in some places than others. This is actually the most pessimistic Brazil headline for the day.
If history is any guide, employment will continue to slump well past the economic bottom.
