Almost 8 Million Job Cuts are Expected in this Recession Say Economists

By Angsuman Chakraborty, Gaea News Network
Monday, March 2, 2009

job_lossThe statisticians bring no good news but something to be very scared of. This recession has deservingly placed itself in history of worst job losses in 60 years. With output still falling at a dizzying rate, most companies are shedding unneeded workers and cutting back the hours of those remaining.

The economic patient is still in critical condition, with little medication to relieve the pain, We will have to bite the bullet.

wrote economists Brian Bethune and Nigel Gault of IHS Global Insight.

It would mean that a record 4.2 million jobs will have been lost since the recession began in December 2007, with no end in sight. “Employment losses have deepened considerably in recent months,” wrote economists for Wachovia, who expect total losses for the recession to top 6.5 million.
While some forecasters think job losses in February stayed in the ballpark of about 590,000, a few economists think the labor market got much worse in February and are expecting losses of 650,000, 700,000, or in one case, even 800,000.
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