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US economy: December 524.000 jobs lost - by Liz Wolgemuth
The U.S. economy lost 524,000 jobs in December, boosting the unemployment rate from a revised 6.8 percent in November to 7.2 percent—a level most economists did not expect to see until 2009.The breadth of the job losses has widened as the recession has progressed. In December, employers in nearly every industry trimmed payrolls. But government and health care have continued to add jobs.
Richard Moody, chief economist at Mission Residential said , "The speed and the breadth of the deterioration in the U.S. economy since September are staggering. With the credit markets still in a dysfunctional state and any fiscal stimulus package months away from being agreed upon, let alone implemented, the outlook for the U.S. economy over coming months is growing increasingly bleak. Even with passage of a large fiscal stimulus package, labor market conditions will continue to deteriorate through 2009, though the pace of decline will moderate, with the jobless rate likely rising into early 2010." Joshua Shapiro, chief U.S. economist at MFR said, "All in all, another terrible job market report. For 2008 as a whole, non farm payrolls fell by almost 2.6 million (about 75% of which occurred in the final four months of the year), which was the most in absolute terms since 1945."
Note EU-Digest: "Many economic pundits fear there could be a second major sell-off on Wall Street towards the end of January or early February as demand for consumer goods continue to slide and unemployment keeps increasing."
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