Lead story in The Times today is the JP Morgan forecast that 40,000 City jobs will go as a result of the ongoing global credit crunch. This follows last weeks news that 1 in 4 estate agents will be jobless, as the housing market starts to plunge.
Turbulent times out there, and all the signs remain bleak. As households start to suffer more, belts are tightened and spending reined in, how's that going to hit the media sector?
Free content should in theory come to the fore, as the "floating buyers" in the market, and the occasional buyers, count the pennies and switch from paid-for-print, to free print, or to free digital. I fear for the weekend market most, with higher cover prices already looking to have driven down the number of people dual-buying at the weekend - and the budget conscious will be looking hard before spending £2 on a Sunday newspaper.
The rest of 2008 should see paid-for circulations under increasing pressure. Which of the newspaper brands is going to be first to establish something tangible to recognise their readers real financial issues, and start acting like a real life trusted and helpful brand?