The Jobs Recession: Over 1 Million Jobs Lost

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
Feb. -83,000
March -88,000
April -67,000
May -47,000
June – 100,000
July -67,000
Aug. -127,000
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. 

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