Nearly 1.2 Million Jobs Lost in the United States in 2008

Such a large number! The government reported more bad news about the economy early today, saying employers cut nearly 240,000 jobs in October. This brings the year’s total job losses to almost 1.2 million.

From CNN:

According to the Labor Department’s monthly jobs report, the unemployment rate rose to 6.5% from 6.1% in September and higher than economists’ forecast of 6.3%. It was the highest unemployment rate since March 1994.

“There is so much bad in this report that it is hard to find any silver lining,” said Morgan Keegan analyst Kevin Giddis.

Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October’s monthly job loss total was less than September’s revised loss of 284,000. Payroll cuts in August were revised up to 127,000, which means more than half of this year’s job losses have occurred in the last three months.

September had the largest monthly job loss total since November 2001, the last month of the previous recession and just two months after the Sept. 11 terrorist attacks.

With 1,179,000 cuts, the economy has lost more than a million jobs in a year for the first time since 2001 – the last time the economy was in a recession. With most economic indicators signaling even more difficult times ahead, job losses will likely deepen and continue through at least the first half of 2009.

“It’s pretty clear that we’re in a recession,” said Robert Brusca, economist at FAO Economics. “There is reason for us to believe we’ll see a drumbeat of heavy job losses for a while, and there’s room for them to get even worse.”

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One Comment on “Nearly 1.2 Million Jobs Lost in the United States in 2008”

  1. Leonard Says:

    For those that need jobs, there are still thousands of high paying jobs on popular employment sites like –

    http://www.linkedin.com (networking)
    http://www.indeed.com (aggregated listings)
    http://www.realmatch.com (matches jobs based on your skills)

    Good look to those looking for work!


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