Word: sectoral
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Harvard has rightly targeted outsourced custodial labor as a sector of the operational budget that can be cut. One Source, a contractor company that cleans properties operated by Harvard Real Estate Services, has been asked to cut costs by 30 to 40 percent. American Clean Company, a contractor that services the Harvard Medical School, has been requested by HMS custodial directors to eliminate 13 of its 27 workers. These reductions do not seem unreasonably drastic compared to the layoffs occurring outside of Harvard. Economic recession inevitably affects jobs...
...China has already indicated that it won't be shunted aside - or shoulder the blame - when it comes to discussions of the financial crisis. As China's manufacturing sector reels from the global drop in demand for its wares, trade will likely dominate all near-future discussions with the U.S., China's biggest trade partner, and could become the primary source of bilateral friction. In a January speech at Davos, Chinese Premier Wen Jiabao lectured about the "inappropriate macroeconomic policies of some economies" with low rates of savings and high consumption - an "unsustainable model of development." In other words...
...sales rose 2% during the past four months. Paul Taylor, chief economist of the National Automobile Dealers Association, is projecting growth "significantly above 3%" this year. "It's welcome news," Taylor says of the repair rise. "It's important that when consumer expenditures are dead in the water, this sector of the economy is growing...
...though, the scads of lushly paid Wall Streeters have driven the financial sector into a ditch, and taxpayers around the world are spending trillions of dollars to fix the problem. This chain of events has, understandably, focused big-time scrutiny on financial-sector compensation. President Barack Obama plans to limit cash pay to $500,000 for the top five executives of firms that take more aid from the government, and the stimulus legislation he signed into law on Feb. 17 sharply restricts bonuses for the 25 highest-paid employees of any company that has taken bailout money. While Wall Street...
Whether you think this is a problem depends on whether you agree with Kaplan and Rauh's assessment of the forces behind rising Wall Street pay. If it was all a market phenomenon, it will now correct itself, as the financial sector's employee ranks and paychecks shrink to reflect the smaller pool of assets it has to play with. Overall income inequality is likely to drop sharply as well, Kaplan says...