TEXT D Just a few short months
ago, the US economy was a worker’s paradise: nearly unlimited overtime, signing
bonuses for new hires, and perks such as stock options and free food.
But now as the economy starts to slow, it’s beginning to look like
Paradise Lost. Companies are eliminating worker enticements, a new round of
layoffs in sending everyone from hard hats to dot-comers to unemployment
offices, and a lot of those ubiquitous "Now hiring" placards are slipping from
front windows. All these signs probably mark an end to one of the greatest
periods of job growth in modern US history. The hardest hit
segment of the economy is manufacturing, which lost 54,000 jobs in December.
Companies have already announced plans for another 134,000 layoffs.
In another indication of changes in the labour markets, the Conference
Board’s Help Wanted Index shows companies are placing far fewer ads to find
workers. Even so, Board economist Ken Goldstein cautions that this is partially
because there are fewer workers to hire, so firms have reduced their
advertisings. Still, there does seem to be at least a shift in
psychology on shop floors. Businessman David Walters of CR Metals says he’s
still hiring people at his family’s metal-fabrication firm in St. Louis. But
workers at the plant perceive a change is taking place. "People are saying we
better stop complaining and buckle down for a while," he says. "For a number of
years, the employees felt they were in the driver’s seat." A
more tangible shift appears to be taking place in some of the traditional Rust
belt areas. In the Ohio Vally, for instance, Santo Santoro, a staff
representative of the United Steel Workers (USW) in St. Clairsville, says
there are no jobs in the area other than "working at McDonald’s or some other
hamburger joints". It’s not just the pay that’s lower for
skilled workers, but also the benefits. In August, Matt Means, a
fourth-generation steel worker, got laid off from Gulf Sates Steel Corp. in
Gadsden, Ala. It took him 3. 5 months to find a new job teaching at a local
vocational school. Although he got feelers from Florida and Iowa, he didn’t want
to relocate. So he now pays $150 a month for his health and dental plan. "I’ve
cut back on my spending," says Mr. Means. Even high tech
employees sense some distress, despite claims of a 600,000-worker shortage in
the industry. "A year ago, workers were so hard to get in high technology that
companies had a policy of not letting anyone go, period," says Sung Won Sohn,
chief economist at Wells Fargo Banks in Minneapolis. It’s not hard for Mr. Sohn
to find an example of the shift. While studying software engineering at
Harvard University, his daughter got a job at $ 6 an hour. Then, another company
offered her $ 40 per hour. Now the firm has made her a part-timer.
The ranks of the unemployed are also growing because of slow times in
retailing. In recent weeks, Bradlees and ’Montgomery Ward have gone into
bankruptcy, eliminating more than 37,800 jobs. Last week, Sears announced
another 2,400 layoffs. One employee, Jay Morton, says he’s not
sure if he’ll look for a new job right away. He may start taking full time
computer classes at a local college. That may be a good
instinct. Lydea Monahan, a manager at Staffmark, a job place ment firm in
Lexington, Mass., suggests people with retail experience bone up on software
skills before returning to the market. Indeed, specialists
believe retail workers should still be able to find good jobs- provided they’re
willing to look in other industries. "The key here is if a person is looking to
go from a Bradlees to stay in the same type of market, that may be a little more
difficult," says Anne Chace of Boston Career Link. We can infer from the passage that at present______.
A.people can only find jobs in catering business B.high-tech employees are not as highly regarded as before by many companies C.skilled employed workers are eager to take another job once it is available D.a company will adjust the pay according to its employees’ experience rather than their education