Jobs are vanishing at the fastest pace in more than five years with pink slips likely to keep stacking higher in the months ahead, an urgent signal the country may be careening toward a deep and painful recession just as Americans prepare to elect a new president.
Whether that’s Democrat Barack Obama or Republican John McCain, one of them will be dealing with the weakest employment climate in years.
via Employers cut jobs by most in more than 5 years: Financial News – Yahoo!
Finance.
Wow! And we think things are bad in Malaysia! The piece continues:
Increasingly skittish employers dropped the ax even harder in September, chopping payrolls by 159,000 — more than double the cuts made just one month before. It was the ninth straight month of job losses. A staggering 760,000 jobs have disappeared so far this year.
Interestingly, and I might be naive, but I don’t think Asia might be as hard hit as the recession ten years ago. Mainly I said this because of this piece in Business Week. It states:
The reversal of fortunes is nearly complete. A decade ago, East Asian economies were frozen. Leading banks and corporations in Thailand, South Korea, and Indonesia were insolvent. Even manufacturers with firm export orders couldn’t borrow funds to build goods. The U.S., meanwhile, was swimming in liquidity. Now, the U.S. party is over—and Asia is awash in dollars.
I’m going to at least try to be optimistic. The meltdown ten years ago was a horrible experience, and I don’t particularly want to go through that again. And I’m sure I’m not the only one.
Posted on 06/10/2008
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