Word: slowdowns
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...wake of December’s hiring slowdown, Smith—who has the final word on authorizations of faculty searches—said he has been working with departments and divisional deans to find more faculty searches that FAS can afford...
...calls for labor protection pose a problem for European leaders: they run counter to E.U. rules that ensure the free flow of goods, services and workers. Worse yet, notes U.K. Business Secretary Peter Mandelson, such moves risk beginning a chain reaction of protectionism that could make the economic slowdown even worse. "It would be a huge mistake to retreat from a policy where, within the rules, U.K. companies can operate in Europe and European companies can operate here," Mandelson said on Jan. 31. "Protectionism would be a surefire way of turning recession into depression...
...Walker has been arguing for months that China was in trouble. As the U.S., Europe and Japan suffer through a recession in 2009, Walker expects Chinese exports to contract. In a sign of how much damage the global slowdown is causing in China, the government this week estimated that 20 million migrant laborers have lost their jobs. But just as important to Chinese growth is private investment. Corporate profitability in China was deteriorating even before the worst of the global financial crisis hit, and that will soften investment, which makes up more than 40% of GDP. In the first...
...spending on infrastructure. Wen Jiabao, China's premier, said recently that he expects China to meet its 8% growth target for 2009. Walker, however, is much more skeptical about the government's ability to rescue the economy. "What the government has to contend with is a slowdown in every other sector of the economy," he says. Since the Chinese government accounts for only some 20% of GDP, "how it will make up for a slowdown in the other 80% is beyond...
...Plunging industrial output is reflected by the radical steps manufacturers are taking to try to adapt to the sharp slowdown. NEC Electronics said last week that it would eliminate 20,000 jobs at home and abroad, and cut costs by $890 million overall in the coming 24 months. Sony will close up to six factories and cut 16,000 jobs from its electronics divisions, to address what JPMorgan Securities analyst Yoshiharu Izumi called the company's "emergency situation." Panasonic, which recently bought a majority stake in Sanyo, is closing three plants...