Ceramic Industry

Job Losses Mount

December 9, 2008

November was truly a dismal month in terms of unemployment, with over half a million jobs lost. Unfortunately, the cuts are proceeding apace in December; CNN reports that approximately 50,000 people have lost their jobs already this month.

Dow Chemical yesterday announced its plans to cut its workforce by 5000, while Sony revealed today that it will cut 8000 of its workers. It’s really getting to the point where I don’t want to read the news anymore. It’s like a shadow looming over the entire economic landscape-who’s going to be next?

The credit market appears to be picking up, which I suppose is cause for some cautious optimism (as long as you’re not into instant gratification). Rates might be low, but as job losses mount one wonders if anyone will be able to take advantage of them.

Has your company reduced its workforce, or does it plan to in the future, as a result of current economic conditions? Please share your experiences by entering a comment below.