Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

U.S. Job-Market Collapse in 2008 Was Probably Biggest Since ’45

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Shobhana Chandra
Friday, Jan 9, 2008

The U.S. probably lost 525,000 jobs in December, capping the biggest collapse in employment since the end of World War II, economists said before a report today.

The projected decline, based on the median estimate of 73 economists surveyed by Bloomberg News, would bring last year’s payroll drop to 2.4 million, the most since 1945. The unemployment rate likely jumped to a 15-year high of 7 percent.

The outlook for 2009 is no brighter as retailers from Wal- Mart Stores Inc. to Macy’s Inc. slash profit forecasts and manufacturers including Alcoa Inc. cut output and staff. The figures are likely to intensify pressure on U.S. lawmakers to speed President-elect Barack Obama’s proposed fiscal stimulus through Congress in an effort to save or create 3 million jobs.


“The labor market is clearly not functioning at all,” said John Silvia, chief economist at Wachovia Corp. in Charlotte, North Carolina. “This will be a big hit to consumer spending and confidence. It suggests a very long, challenging recession.”

The report, the last one under President George W. Bush’s watch, is due from the Labor Department at 8:30 a.m. in Washington. Economists’ estimates for December ranged from job losses of 350,000 to 750,000. Forecasts for the unemployment rate ranged from 6.5 percent to 7.1 percent.

  • A d v e r t i s e m e n t

The projected decline would be the 12th consecutive loss, and follow a 533,000 November decrease that was the largest in three decades. The economy created 1.1 million jobs in 2007.

Full article here

This article was posted: Friday, January 9, 2009 at 4:26 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Raheem Kassam: Sh*thole London See the rest on the Alex Jones YouTube channel.

Germans Being Mass Brainwashed by TV to Submit to Islam See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/bcPVfa76Qig https://www.youtube.com/embed/kYmTFL9nbRQ

© 2018 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.