How many jobs have we lost this year? University of Maryland economist Peter Morici, who predicted the recession late last year when holiday sales proved disappointing, has added up all the numbers and concluded that we’ve already lost over a million jobs. He thinks we probably lost another 300,000 in November.
Here’s the sad tale of the tape.
Jan. – 76,000
June – 100,000
Sept. -284,000 (preliminary)
Oct. -240,000 (preliminary)
2008 Cumulative Job loss: 1,179,000
That acceleration from summer to fall is truly frightening. In the great depression, we saw unemployment leap from an almost non-existent 3.2 to 8.7 per cent in one year. The next year it climbed to 15.9 per cent.