Job losses deepen Monday blues

Companies all over the world announced thousands of job losses today as a survey among US private sector companies suggests that the situation will only get worse.

Caterpillar, producer of heavy machinery such as bulldozers, announced that 20,000 of its employees will face the sack is it made more than a third less profit for the last three months of 2008.

Six thousand employees will be fired from electronics producer Philips.

In the UK steel maker Corus announced 2,500 job cuts while France is considering a stimulus plan to help airlines purchase planes that will in turn save Airbus.

All these job cuts are affecting both skilled and unskilled workers. This means that there are more unemployed individuals with tertiary education than before. Writing on the Wall Street Journal, Dawn Jordan, former vice president of operations at Bank of America writes:

I know my education will be key in landing my next job, but it didn’t prevent me from losing my last one. And it doesn’t carry any guarantees about the job after that. Given the growing number of intelligent, experienced workers being laid off everyday, I can’t help but wonder, what besides education and experience is needed to increase job security in today’s workplace?

Meanwhile UK Prime Minister Gordon Brown called for a new world order after the crisis. This is already happening with Kuwaiti firm Noor Financial Investments forming ventures with Russian gas giant Gazprom