Bloomberg reports that a car industry expert in Europe claims sales trouble due to the slow economy and vicious competition could cost 500,000 jobs within the sector. According to Bloomberg:
The dismissals would follow about 800,000 job losses in the industry since 2007 and add to a record unemployment rate of 11.2 percent in the 17-nation euro area.
The forecast is another in a series of descriptions of the vicious circles of unemployment in Europe. Companies, industries and countries cut jobs to lower deficits and prevent the increase in debt. As people lose work, they have no discretionary income. That creates an erosion of consumer spending. Additionally, it pressures national governments to provide more support to the unemployed.
Douglas A. McIntyre
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