Apr
10
Bad news for the slowing economy is taking its toll on the labor industry where people are loosing jobs faster due to the slowing economy. Companies have to resort to manpower reduction schemes in order to survive the financial crisis which is hounding all walks of people especially those in the services section. According to the Labor Department 63,000 jobs have been lost from the private sector as a result of economic woes. Firms opt to reduce their workforces and stay in business than to hover on the idea that tomorrow would be a better day and end up declaring bankruptcy which would lead to more lay-offs.