Word: downturning
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...management and co-director of the International Motor Vehicle Program at the Wharton School of the University of Pennsylvania. U.S. auto and light-truck sales topped 16 million for eight years and reached nearly 17 million in 2004 and 2005. Those numbers have slumped dramatically, but the current downturn is cyclical, says MacDuffie; there's no evidence of permanent decline in the demand for vehicles. (See pictures of the world's cheapest...
...this gut-wrenching downturn, the Germans and the Japanese are no longer alone. "It's happening a lot," says Raymond Torres, director of the ILO's International Institute for Labor Studies. "People are trading off their jobs for wage cuts and other measures." There's even some anecdotal evidence that it's starting to happen in the U.S., where companies have traditionally not hesitated to lay off staff in a downturn; last month the New York Times announced a 5% pay cut for some of its staff in return for extra vacation days...
...expected later today. But amid squabbling in the run-up to the meeting, with France and Germany especially vocal in their objections to making specific commitments, the figure has been recast as the collated estimate of measures already planned as the world tries to stave off a prolonged downturn, and participants are not being pressurized to agree to specific numbers. The latest leaked draft communiqué, seen by the news agency Reuters, makes no firm pledges on additional fiscal stimulus, saying simply "We are committed to deliver the scale of sustained effort necessary to restore growth." (See pictures...
...economic downturn may have taken its toll on Harvard’s endowment, faculty, and janitorial staff, but it certainly hasn’t hurt admissions. This year the College accepted a record-low seven percent of applicants out of from 29,112 aspiring candidates. We congratulate the Class of 2013. Praise is also due to the admissions office for choosing such an extremely diverse group. The accepted class includes a record 10.9 percent Latinos, 10.8 percent African Americans, and 17.6 percent Asian Americans and comes from a record 82 different countries. Almost a quarter of the class is eligible...
...Hussein's plight reflects one of the burgeoning problems of the global downturn. Countries that built successful economies in part on the backs of cheap migrant workers now face upheaval in their labor markets. In places like Taiwan, Malaysia, South Korea, and the Gulf states, companies are folding, factories are closing, and thousands are losing their jobs - meaning migrant workers like Hussein are being shoved out of the labor pool and into a tenuous half-life on the margins of the world economy...