This article reports that unemployment has spread to white collar professions such as lawyers, architects. Construction, retail and service jobs are also going to be affected.
What profession is going to be most hardly hit? I think the financial sector's jobs are among the first that experience the recession, followed up with construction, automobile industry jobs, and other professional jobs.
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There is an economist by the name of Lester Thurow, who predictated this back in 2003. I remember watching his book tour for the book he was promoting, Fortune Favors the Bold: What we must do to build a new and lasting global prosperity (2003). Lester says this is why Bill Gates demoted himself to Chief of Knowledge position.
I've also heard that the medical field is being hit hard. Since insurance costs so much people are less inclined to become doctors right now.
I think that everyone is being hit hard at this point. Unemployment is predicited to reach 8% in the next year. I think white collar workers are going to be hit hard, these are the high paying jobs experiencing the most trouble. I find it interesting that the medical field is being hit hard, i would assum the opposite with all the babyboomers starting to retire and seeking increased medical care.
The white collar professions have already been hit. Many Finance workers have been left on the street decreasing their salaries from millions to zero. They are left with mortgages, bills etc and have no liquidity to pay them off especially after the mkt's drastic decline in october.
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