So what does this mean for Wales?
Given that Wales accounts for 5.7 per cent of all public sector employment in the UK, this means that around 18,000 public sector posts will be lost in Wales over the next four years as compared to the 28,000 civil service jobs originally estimated.
Whilst these unfortunate job losses are an inevitability of the previous government's spending plans, the fact that 88,000 jobs were lost in the Welsh private sector during the recession does place things into perspective and if the economy grows again, then these public sector losses could be revised downwards again.
In fact, what it means is that the private sector in Wales will need to create 7,000 net new jobs every year between now and 2015 to compensate for the loss of employment in the public sector.
To put this into perspective, given that there are 200,000 firms in Wales, it means that roughly one in every thirty businesses in Wales will need to create one job every year to make up for the estimated reduction in civil service jobs.
Given the previous focus of news stories on how our economy was so dependent on the public sector, why hasn't BBC Wales covered this forecast in more detail?
In fact, rather than focusing on the usual doom and gloom, perhaps it is time for the mainstream press to ask how the Welsh Assembly Government is going to help the private sector to create those opportunities to replace the 18,000 jobs now estimated to be lost in the public sector over the next four years, especially given the targets for European funded job creation set by WEFO for the poorest parts of Wales.
In fact, if the Economic Renewal Programme can't help to create 7,000 new jobs every year, then what is it for?
