The Bankwatch

Tracking the consumer evolution of financial services

“These jobs aren’t coming back”

Finally the realisation is sinking in that this is no longer business as usual.  The economy will come out of this recession looking different.

Job Losses Hint at Vast Remaking of Economy | NY Times

The unemployment rate surged to 8.1 percent, from 7.6 percent in January, its highest level in a quarter-century. In key industries — manufacturing, financial services and retail — layoffs have accelerated so quickly in recent months as to suggest that many companies are abandoning whole areas of business.

“These jobs aren’t coming back,” said John E. Silvia, chief economist at Wachovia in Charlotte, N.C. “A lot of production either isn’t going to happen at all, or it’s going to happen somewhere other than the United States. There are going to be fewer stores, fewer factories, fewer financial services operations. Firms are making strategic decisions that they don’t want to be in their businesses.”

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Written by Colin Henderson

March 7, 2009 at 20:20

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