Workers at a Taiwanese facility near Beijing clashed with authorities on Thursday, resulting
in one dead and fifty injured. The protest comes after a wave of firings resulting from the
falling demand for Chinese-made goods. The year has seen a loss of 15% of jobs in the
manufacturing sector in China thus far, and many experts suspect that the trend will continue.
China's primary market for exports has changed radically in the last few years, said Arthur
Brooks, an analyst for Morgan Stanley. "Consumers in the United States no longer seem
interested in purchasing luxury goods from labels like a Gucci and Louis Vuitton. Even
mainstays like personal electronic devices have seen a pronounced dip in sales."
Many expect the trend to continue as the recent crash in the housing market continues to
ravage the American economy. "We're not talking about 'green shoots' anymore," said
Brooks. "I think everyone has started to become a lot more pragmatic. Many are now trying
to guess where the bottom is and what we do when we get there."