Mass Job Cuts in Sweden Belie Government Optimism: Nordic Credit
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TeliaSonera AB yesterday became the latest in a string of Swedish companies to announce mass job cuts, prompting economists and unions to question the government’s forecast that unemployment will fall next year.
TeliaSonera, Sweden’s biggest phone company, said it will eliminate 2,000 jobs as growth stalls, declining to say how many cuts will be in its home market. That follows similar announcements from Volvo Car Corp., truckmaker Volvo AB, paper maker Holmen AB, steel manufacturer SSAB, and guarding provider Securitas AB as some of Sweden’s biggest companies reduce their workforces to stay competitive in declining markets.