Li Xun-Lei: the real unemployment rate in China is more than 10%
Chief economist of Guotai Junan Li Xun-lei today attends the 2009 Chinese investors Forum in Shanghai, said that although the inventory pressure has eased, to get rid of storage is still the main economic problem for China.
He said the process of manufacturing inventories will lead to a large number of workers unemployed, the employed population in China will face a more serious situation, although the unemployment rate is now lower than the beginning of the year, but probably the most difficult time has not arrived yet. He predicted that China’s actual unemployment rate is currently 10% more.
2009: Eaton first quarter lost 50 million U.S. dollars and plans to carry out global layoffs
Auto parts supplier Eaton Corp. has released financial results, the company in the first quarter of 2009 amounted to a loss of 52 million U.S. dollars, which is the first time of the quarterly loss since 1991.
CEO Alexander Cutler said the global market demand in 2009 would reduce 15-16%, at present it seems only the U.S. and European markets may be warmer in 2010. In view of this, Eaton plans to lay off 10% or 8600 positions in 2009 worldwide, which is expected to save 125 million U.S. dollars.
Alcoa’s Davenport plant laid off 13% of its employees
Alcoa’s Davenport factory mainly produces the aluminum plates for the aircraft, motor vehicles and commercial transport industries. It is part of the U.S. aluminum rolled products company. Davenport in January said that the company would lay off 13,500 people, representing 13% of employees. So far, it has laid off 125 employees on time payment and other 41 employees .
Translate (most links are in Chinese)