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Thursday, August 28, 2008
Thursday, August 28, 2008
Latest Procurement News
Posted: Thursday, July 03, 2008, 2:57PM
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KNOWLEDGE MANAGEMENT TAGS
"Spend Management"
Job cuts out output figures fail to lift the gloom
Employers in the US cut a massive 62,000 jobs in June, according to figures released by the country' Labour Department.The news, which follows cuts of almost 50,000 in May, offers the clearest indication yet that the US economy is sliding into recession.
The cuts are seen as a response to the soaring cost of fuel and other raw materials and come as a global slowdown gathers pace.
"We're not seeing dramatic job cuts, but clearly companies are trying to hold the line on costs," Gary Thayer of Wachovia Securities, told the BBC. "It suggests that it's still a rough economy."
The news comes as the price of oil hit a new record of $146.34 a barrel earlier this week, with many analysts claiming that fuel's seemingly inexorable rise is set to continue.
Figures released in the US earlier this week also suggested the US firms were seeing a steady decline in demand for their services and goods.
Data released by the U.S. Commerce Department indicated that factory orders had risen by just 0.6 per cent in May - the lowest figure for three months.
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