Making a Living
Posted by BCS on November 21, 2008
Japan and the Euro Zone are already in recession… and the U.S., well, although it hasn’t been formally declared yet, private-sector economists believe that the U.S. economy has been in recession since last April which will last for 14 months.
China, who’s still dealing with the troubles caused by its unsafe products, is also feeling the effects of the global economic crisis with its central bank saying that the risk of a downturn in its economy is rising.
Locally, Advanced Contact Solutions Inc. (ACS), a business process outsourcing (BPO) company, has retrenched a fifth of its total workforce (about 900 employees) earlier this week after losing a major US-based client.
Also affected are the country’s exporters who are currently experiencing a big decrease in sales.
Confidence index of the business sector is at -6.8 percent for the last quarter of this year and possibilities loom that we may be in for the gloomiest Christmas Season since 2001.
On the brighter side, fuel companies are rolling back prices (which, some say, will occur at least twice every week until the end of the year). And, to the delight of OFWs (but to the dismay of importers), the Peso is getting weaker against the U.S. Dollar (which, as of 9:23am today, is at 49.999 pesos, from the previous close of 49.89).