A World of Overproduction; A World of Hurt

["David Schanoes" <Schanoes@xxxxxxx>]

>From today's hardcopy WSJ:

"Factory Employment is Falling Worldwide"

...Economists at Alliance Capital Management LP in New York looked at
employment trends in 20 large economies and found that from 1995 to
2002, more than 22 million jobs in the manufacturing sector were
eliminated, a decline of more than 11%.
   Contrary to conventional US beliefs, the research found that
American manufacturing workers weren't the biggest losers.  The US lost
about 2 million manufacturing jobs in the...period, an 11% drop.  But
Brazil had a 20% decline.  Japan's factory work force shed 16% of its
jobs, while China's was down 15%.
...even as manufacturing employment declined, global industrial output
rose more than 30%.
   At the same time, countries everywhere, including developing
countries like China, are struggling to reduce excess capacity. "We've
got too many steel plants in the world, too many auto companies," says
Bill Belchere, chief economist for Asia at JP Morgan Chase in Hong Kong.


~~~~~~~
PLEASE clip all extraneous text before replying to a message.