COLLEGE PARK, Maryland – "The unrelenting, month-by-month loss of American jobs throughout 2008 provides a revealing snapshot of our path into this recession," says University of Maryland economist Peter Morici, a professor in the Robert H. Smith School of Business. Morici predicted the recession early on – late last year when holiday sales proved disappointing.
Morici predicts the trend to continue with this Friday's release of November employment figures, forecasting the loss of nearly 300,000 more jobs.
Based on U.S. government statistics, the nation has lost more than one million jobs since December of 2007.
U.S. Monthly Job Losses 2008
Jan. 76,000 jobs lostFeb. 83,000March 88,000April 67,000May 47,000June 100,000July 67,000Aug. 127,000Sept. 284,000 (preliminary)Oct. 240,000 (preliminary)
2008 Cumulative Job loss: 1,179,000Nov. 275,000 (projected)
Source: University of Maryland
"The unrelenting, month-by-month loss of American jobs throughout 2008 provides a revealing snapshot of our path into this recession," says University of Maryland economist Peter Morici."
(Photo Credit: University of Maryland)