How serious the issue at micro level

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When we see job cuts at macro level say it just nos, but if you take up the seriousness at micro level its about lives and family. How serious the issue, you have experienced with your neighbour/friends.. I could say one of my friend who works with me for last 1 year, now has been told to put up his volunteer resingation..He is about to gettting married and going to start his new stage of life..It costs him much at micro level.. PM talks on that http://in.news.yahoo.com/20/20081103/1425/tbs-pm-asks-industry-to-refrain-from-job.html