World Economic Crisis to threaten 20 million jobs

According to United Nations Agency research, world economic crisis could threaten 20 million jobs. It's a record global unemployment.

The number of unemployed could rise from 190 million in 2007 to 210 million in late 2009.

According to United Nations Agency estimate, construction, real estate, financial services, and the auto sector are most likely to be hit. Good news that countries with large domestic markets that do not depend heavily on exports would be able to weather the crisis better.

Many non-financial companies came under pressure to match the returns of the financial sector, forcing them to cut costs, often by freezing salaries or laying off … and employers to start writing a resume again.

According to began firing workers as part of the firms' plans to cut more than 12,000 jobs.

A merger of General Motors Corp., the largest U.S. automaker, and Chrysler may cost 70,000 jobs and close half of the smaller company's plants, according to a report from an accounting firm.

In a stark acknowledgment of the tough times ahead in the credit card industry, American Express Co. said Thursday that it plans to cut 7,000 jobs, or about 10 percent of its worldwide work force.

Xerox Corp. plans to cut 3,000 jobs in the next six months and speed manufacturing cost cuts to cope with an "unpredictable economy".

National City Corp., Fifth Third Bancorp and KeyCorp, Ohio's largest banks, reported third-quarter losses. About 4,000 employers are mailing resume to other companies and banks.

Big broker banks are set to layoff a large amount of jobs as reported by CNBC. In fact, up to 15 percent of their workforces could be cut. Merrill Lynch is set to cut 10,000 jobs after its merger with Bank of America.

Dana Holding Corp. said Thursday it will close up to 10 plants and cut 2,000 more employees than originally planned.

Whirlpool Corp., the world's largest appliance maker will cut 5,000 jobs by end of 2009.

According to the Daily Telegraph Rupert Murdoch said there will be "across the board" job cuts at News Corp newspapers.

And the list is a bigger and bigger...

It may look funny, but some companies will not be affected by World Economic Crisis – job agencies, online job search companies, recruitment agencies, resume writing services etc.




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