- Oct 25, 2005
In the Guardian:
And this is not confined to the USA. The FT describes a plunge in Germany's manufacturing orders. And in Sweden, the prime minister is urging shoppers to buy Swedish:Fears of a million layoffs a month in corporate America
As many as a million American jobs could be lost every month by next spring as businesses struggle to raise capital in financial markets consumed by fear, according to a new analysis.
November was the worst month in the US labour market since the oil crisis of 1974, as more than 500,000 US workers were laid off, according to official figures released on Friday.
But Graham Turner, of consultancy GFC Economics, says the rising cost of corporate debt is now flashing a red warning signal that far worse is to come over the next few months and job losses are heading for levels last seen in the 1930s Great Depression.
So when does the present slump become an outright depression?The Swedish government has called on the nation's sense of patriotism and is advising consumers to "buy Swedish" this Christmas to protect jobs.
"If you open your Christmas present and it says 'Made in China' then you haven't done much to secure Swedish jobs," Swedish prime minister Fredrik Reinfeldt said according to a report in Aftonbladet.