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Services Sector To Receive Another Employment Blow

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German insurer to cut 7,500 jobs

Germany's economic malaise has hurt Dresdner Bank
Allianz, the German financial giant, is to cut nearly 7,500 jobs worldwide to reduce costs and improve service.
About 4,500 jobs will be lost in Germany while a further 3,000 jobs will go worldwide, although details of which markets will be affected has yet to be given.

This news on top of yesterday's announcement of 1000 jobs to go in the UK at RSA. It seems that the services sector is not immune and will suffer job losses similar to those in manufacturing and retail. :(

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Further rise in UK jobless total

The number of people out of work in the UK has increased yet again
, Office for National Statistics figures have shown.
The jobless total rose by 77,000 to 1.61 million from February to April,
lifting the unemployment rate to 5.3%
Manufacturing continued to suffer, with the number of jobs in the sector down by 116,000 during the quarter compared with the same time last year.
The number of people out of work and claiming
unemployment benefit increased
by 5,800 in May to 950,900.

The job losses are gathering momentum it seems.

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This is contrary to Rightmove's seasonally adjusted figure of just 4 unemployed people.

I can already see where the next phase of statistical manipulation is going to come from. The boys at the statistical office will divide the number of jobs by the number of people. So if 50% of the population are unemployed and the other 50% are having to do two jobs to survive, the government will declare 100% employment.

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