A Bitter November

December 5, 2008 | Leave a Comment

It has been a bitter November for nearly countless of workers around the world as labor markets cut  jobs amidst today’s global financial crisis, particularly in North America and Europe.


In the United States

The US private sector lost 250,000 jobs last month, the largest decline in six years, according to a National Employment Report. Similarly, layoffs announced by employers in November rose to 181,671 as job cuts for the year officially surpassed one million for the first time since 2005.

As most US economic sectors faced pressure, these sobering employment figures only highlight the weakening activity across the world’s largest economy over the past several weeks.

In Spain

Spain’s once-buoyant economy is on the verge of recession as the global financial crisis has hit the key construction sector, which was already weakened by oversupply and rising interest rates.

Spain had until recently led job creation in the Euro region but the bulk of the jobs created in recent years were in service sectors or construction which are highly volatile and sensitive to economic cycles. The services sector accounted for over half, or 57 percent, of all new registered unemployed last month while construction was responsible for about one-quarter, Spain’s labor ministry announced.

The number of registered jobless in Spain rose to nearly three million last November as unemployment continued to grow at a faster pace than in the rest of Europe, official data showed Tuesday.

The number of people filing jobless claims was 171,243 in November, less than in October but still pushing the total up by 6percent to 2.98 million for an eighth consecutive monthly increase.

According to European Union statistics office Eurostat, Spain’s unemployment rate stood at 12.8percent in October, compared to an average of 7.6percent in the entire Euro zone.

In the United Kingdom

Recruiters in UK reported a record fall in job appointments and wages last November.

Data from the Recruitment and Employment Confederation published with accountants KPMG showed both permanent and temporary staff appointments fell to their weakest level in the previous month since the start of the survey in October 1997.

Rates of pay also declined at survey-record rates as a rising pool of job seekers diluted candidates’ wage bargaining power.

The survey highlights that the UK jobs market heads downhill at breakneck rate and notes that the deteriorating economic climate and ongoing credit squeeze has resulted in many companies putting their recruitment programs on hold.

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  1. “Job losses at breakneck pace in the US.” 5 December 2008. Business World. Accessed 5 December 2008. Link here
  2. “Spain unemployment rising faster than EU, nears 3 million.” 5 December 2008. Business World. Accessed 5 December 2008. Link here
  3. “UK recruiters report record fall in jobs, wages.” 5 December 2008. Business World. Accessed 5 December 2008. Link here


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