8 million jobs may go this year.

[moneysense]

According to statistics, 598,000 jobs were lost in January of this year, in February, it is estimated that 700,000 jobs were estimated to have been lost.

And more job losses are expected this year. Up to 8 million. The question is how will this new stimulus package help. It is projected that not enough of this money will reach companies to help them pay their employees, and if that is the case, it will mean even more layoffs.

And with job loss comes less consumer spending which means less employees are needed to take care of daily business, thus more layoffs.

There isnt any fast and true answer to this problem, but businesses will come out on the winning end in the long run, because when they do start hiring again, they will be able to pay less wages for skilled workers.

[ClassyLady]

Unemployment is at the lowest in 25 years!
The Labor Department said."Since the recession started in December 2007, the economy has shed 4.4 million jobs, with more than half of that number lost in the last four months alone. A total of 12.5 million people were unemployed in February.

[dollardaze]

Those are some scary statistics! I can't say that I'm truly surprised by them, however. I haven't picked up a paper or read news online for over a year now that I didn't read about more layoffs. It's so sad that it has to get even worse before it gets better, but this seems to be the case.

[Empty Wallet]

omg, the stats are unbelievable. to lose that many more jobs in the past 4months is astounding! I am so afraid for everyone i know, this has effected every single person in the usa, and other countries as well, and soup kitchens and pantries can't keep up with the need anymore.