Mass job losses seen

Just consider this; over 600.000 Americans loose their job every month at the moment and have been for the last year. Just consider that.

About 60,000 Kiwis will lose their jobs over the next year, according to an economic think-tank.

In its quarterly consensus forecasts wrap for the year to March 2010 out today, the New Zealand Institute of Economic Research (NZIER) predicted further tough times ahead. NZIER averages out forecasts from a range of financial and economic agencies.

“Despite hints of stabilisation, consensus forecasts suggest around 60,000 job losses over the next year and subdued wage inflation over the next two years,” NZIER said.

The outlook for the economy has worsened, with the economy now expected to shrink 1.6 percent over the year compared to expectations of a 0.6 percent contraction three months ago.

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