‘The pain is just beginning’: After 38,000 layoffs, Wall Street wakes up to ‘peak car’

 

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What goes up must come down, even in car-loving America.

  • Global demand for cars will decline 3% in 2019, analysts predict.
  • There have been at least 38,000 job losses among automakers in the past six months.
  • One stark example: Commercial vehicle exports from the UK collapsed by 89% in April.
  • The decline in car sales has already wiped 0.2% off global gross domestic product, according to Fitch Ratings.
  • The world may have already passed “peak car.”

For the auto business, “the pain is just beginning,” according to the Nomura analyst Masataka Kunugimoto and his team. “We now expect global auto demand to be down 3%,” year on year, in 2019, he told clients recently.

Continue reading… “‘The pain is just beginning’: After 38,000 layoffs, Wall Street wakes up to ‘peak car’”

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Jobs that became a thing of the past in 2011

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The Postal Service has considered canceling Saturday delivery, closing post offices and laying off some of its 280,000 workers.

The newest generation of of tech-savvy workers grew up hearing that the jobs they would hold as adults hadn’t even been invented yet. No one mentioned that the jobs they had come to think of as permanent might become a thing of the past.

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U.S. Job Seekers Outnumber Job Openings Six to One

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Job seekers queue up to attend a job fair  in Chicago.

Despite signs that the economy has resumed growing, unemployed Americans now confront a job market that is bleaker than ever in the current recession, and employment prospects are still getting worse.  Job seekers now outnumber openings six to one, the worst ratio since the government began tracking open positions in 2000. According to the Labor Department’s latest numbers, from July, only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed.

 

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Dark Days Ahead for Green Energy

Dark Days Ahead for Green Energy 

 Workers inspecting solar panels at an OptiSolar plant in California amid layoffs.

Wind and solar power have been growing at a blistering pace in recent years, and that growth seemed likely to accelerate under the green-minded Obama administration. But because of the credit crisis and the broader economic downturn, the opposite is happening: installation of wind and solar power is plummeting.

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