Saturday, December 6, 2008
American Jobs Vanish
An alarming half-million American jobs vanished virtually in a flash last month, the worst mass layoffs in more than a third of a century, as economic carnage spread ever faster and the nation hurtled toward what could be the hardest hard times since the Great Depression.
Employment shrank in virtually every part of the economy — factories, construction companies, financial firms, accounting and bookkeeping, architectural and engineering firms, hotels and motels, food services, retailers, temporary help, transportation, publishing, janitorial and building maintenance, and even waste management. The few fields spared included education, health care and government.
How will this effect India ? Most of the companies which were in list of companies which are in serious down sizing have their offices in India and China. There will be collateral damage and IT & ITES will be worst hit. Many professionals may lose jobs in the next couple of months the effect will be more on non billable employees initially.