Job Loss a Big Menace!
U.S. jobs dropped by 80,000 last month, the largest decline in five years, according to the U.S. Department of Labor.
Once again, the manufacturing sector took the largest hit, accounting for more than half of that decline, 48,000. Since 2001, the sector has lost about 3.5 million jobs, according to the Alliance for American Manufacturing. The non-partisan industry group is a venture between several giant U.S. manufacturers and United Steelworkers.
From 2000-07, New York has lost 208,500 of those jobs, the group says. March data from the state Department of Labor won't be released until later this month, but Capital Region market analyst Jim Ross said to expect manufacturing losses to continue. "Production's dropping too, so certainly with an economic downturn it'll significantly hit manufacturing," Ross said. "That tends to be one of the more cyclical industries. I'd expect to see the losses grow if we drop into a full-fledged recession, which it looks more and more like we are."
The area's manufacturing trends could be stemmed or even reversed if giant computer chip manufacturer Advanced Micro Devices Inc. (NYSE: AMD) follows through on tentative plans to build a $3.2 billion chip factory in Malta, bringing an estimated 1,465 jobs to the area. The company has until July 2009 to make a final decision. "The big question is, if AMD commits and opens in a couple of years, and if that translates into other companies moving here, that could certainly change the long-term direction of manufacturing in the area," Ross said.
Overall, the region's economy might not mirror the nation's troubles, Ross said. In the last recession, following the Sept. 11 terrorist attacks, this area's economy fared much better than the nation's, he said."We tend to do that because of our large government and health care sectors," he said. "The down periods are when we typically outperform the nation." However there is more to follow.The bubble which has bursted will consume many and not only in the United states but in India ,Europe too!Big question that is being asked "has capitalism failed in absense of Communism"!You work for someone and put your best years and efforts into it and one day flat they come with an excuse for minimising cost!why cant they minimise the salary of the CEO and the shareholders for some time.Has profit become more important than Human's!
Once again, the manufacturing sector took the largest hit, accounting for more than half of that decline, 48,000. Since 2001, the sector has lost about 3.5 million jobs, according to the Alliance for American Manufacturing. The non-partisan industry group is a venture between several giant U.S. manufacturers and United Steelworkers.
From 2000-07, New York has lost 208,500 of those jobs, the group says. March data from the state Department of Labor won't be released until later this month, but Capital Region market analyst Jim Ross said to expect manufacturing losses to continue. "Production's dropping too, so certainly with an economic downturn it'll significantly hit manufacturing," Ross said. "That tends to be one of the more cyclical industries. I'd expect to see the losses grow if we drop into a full-fledged recession, which it looks more and more like we are."
The area's manufacturing trends could be stemmed or even reversed if giant computer chip manufacturer Advanced Micro Devices Inc. (NYSE: AMD) follows through on tentative plans to build a $3.2 billion chip factory in Malta, bringing an estimated 1,465 jobs to the area. The company has until July 2009 to make a final decision. "The big question is, if AMD commits and opens in a couple of years, and if that translates into other companies moving here, that could certainly change the long-term direction of manufacturing in the area," Ross said.
Overall, the region's economy might not mirror the nation's troubles, Ross said. In the last recession, following the Sept. 11 terrorist attacks, this area's economy fared much better than the nation's, he said."We tend to do that because of our large government and health care sectors," he said. "The down periods are when we typically outperform the nation." However there is more to follow.The bubble which has bursted will consume many and not only in the United states but in India ,Europe too!Big question that is being asked "has capitalism failed in absense of Communism"!You work for someone and put your best years and efforts into it and one day flat they come with an excuse for minimising cost!why cant they minimise the salary of the CEO and the shareholders for some time.Has profit become more important than Human's!
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