China’s economic worries

So far China’s young urban middle class, the big spenders, have been spared from the layoffs, but there are signs that white collar jobs are drying up. This 24 year old was one of the first to feel the freeze: she was recently laid off by an IT giant and then she was shocked to find out she wasn’t wanted. She was used to job hopping but now that’s dried up. She earned more than four times the average urban worker’s salary. She now lives in a downsized apartment on the outskirts of Beijing. This analyst says other white collar Chinese workers are also getting nervous because typically they’d be collecting their year-end bonus now and look for a better job. Now they’re keeping their jobs and looking for stability.