The global job market is showing few
signs of picking up even as companies such as Air India Ltd.,
Taiwan’s AU Optronics Corp., Japan’s Canon Inc. and the U.S.’s
Boston Scientific Corp. say they’re hiring.
For every company that talks of adding a few hundred workers
to fill rising orders, more are cutting positions by the
thousands to eliminate costs and boost profits. Among recently
announced job cuts were 4,000 by Dow Chemical Co., 3,900 by
insurer Cigna Corp., 2,500 by medical products supplier Baxter
International Inc. and 3,700 by May Department Stores Co.
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“For the next few months, companies are going to fill new
orders either by increasing their productivity or by asking
employees to work overtime,” said Kenneth Goldstein, economist
at the Conference Board, a New York research group. “Only if new
orders keep rising will we see hiring begin in 2004.”
Bloomberg News
