Blood, Sweat, Toil and Tears

There has been a steady drumbeat of bad news on the job front in Europe. Just last month, the Swiss engineering firm ABB announced 12,000 layoffs, 8% of the company's workforce. Infineon, Europe's second-largest chipmaker, said it is downsizing 5,000 workers because of a slowdown in the electronics sector. Ericsson, Sweden's big telecom equipment provider, said it would stop making mobile phones — a decision that will put 2,600 out of work in southern Sweden. In fact,...

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