The global recession was due to the US losing billions of money in different countrie has led to layoffs. . Layoffs had affected the citizens, but mainly the foreigners working indifferent countries the first to be fired was the foreigners working in a country because all the countries would not want to keep their citizens jobless and employ a foreigner. The property and the construction business has fallen very low nearly 80%. There are no new projects coming up and some of the existing projects are being cancelled. They don’t have the money to pay the workers, or to let alone buy the materials to finish the projects. So they have to turn down job offers because they are low on funds Major companies such as Microsoft were asked to fire the foreign employees first in response to the layoff announcement, so that they could hire American citizens. Even with the companies firing foreign workers the economy will be very slow to recover due to millions of U.S. citizens being laid off, and without the same income the result was these citizens could not afford their bills and foreclosures grew rapidly. The housing market dropped and employment rate dropped while the unemployment rate was rising and debt was compiling. Many companies felt the effects of the global recession. There was a new increased focus on customer retention as many customers struggled to pay every day bills. Like with any industry, those companies that prepared early, improving operation efficiencies and cost cutting, managed to weather the harsh economic storm. Recessions often force companies to think more critically about spending both time and money with respects to efficiency and profitability. They bring about new thinking and change. This looming global recession is being fed by the collapse of housing bubbles in the United States.
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