Inside views on the jobs market
After a seemingly endless run of job cuts this week, Chrysler’s plan to slash a whopping 25 percent of its white-collar jobs handily goes to show how quickly problems in the finance sector leak into the rest of the economy.
“When the dot-com and housing bubbles burst, it was easy to see what types of jobs would disappear. But these days as nervous lenders cower and credit contracts, virtually every industry is likely to be scathed in the widely predicted downturn,” writes Business Week‘s Moira Herbst.
The Wall Street Journal paints a similarly dire picture, noting that once-sheltered industries such as healthcare and technology are likely to feel the pinch, culminating in more job cuts and a steeper economic slump than most imagined.