This is pretty rough news not only for the world economy but also, as the Zero Hedge article details, for social stability in the nation..
From the report,
According to some estimates just like every banker job in New York “feeds” up to three downstream jobs, so in China every worker in the steel industry helps support between 2 to 3 additional job.s Which means, 400,000 primary layoffs would mean a total job loss number anywhere between 1.2 and 1.6 million jobs!
You may want to read that again.. That’s a mega high number..
And that threat of social instability should get is concerned ..