Nokia, with its 120 000 employees in 120 countries and a record market share of $40 in late 2007, has painted the economical downturn in its numbers for the first quarter. Destocking by operators and distributors has lead to 19% fewer devices shipped, and profits dropped by 90% in Q1 2009. The Finnish communications giant’s net income is down to 122 million euros, from 1.2 billion for the same period last year.

That’s 20,000 jobs disappearing every day. Less jobs means less income, less income means less spending, which will force employers to slash even more jobs. Even though Obama has been moving quickly to get the stimulus package out, economics professor Sun Won Sohn says that “the stimulus won’t have immediate effect on job creation even though some planned layoffs could be cancelled,” and that any significant job growth will not be seen until 2010.