Recession Sinks US into 35 Year Job Loss High

December 5, 2008

Washington D.C. (ChattahBox) – In an alarming example of the effects of the recession on the current economy, it was announced today that 533,000 jobs were cut during the month of November alone, making it the highest number of job losses in 35 years, and bringing the years total to 1.55 million.

But just because it reached a peak last month doesn’t mean that the worst is over. Already since this announcement was made this morning, more plans for cuts in employment has been announced by AT&T, one of the largest telecommunications companies in the US, and more companies are sure to follow as prices increase, and demand does not.

“This was much worse than was expected and represents wholesale capitulation. The threat of a widespread depression is now real and present,” commented University of Maryland’s School of Business professor, Peter Morici.

The future certainly seems bleak, and with fear over the financial crisis at an all time high, and more and more people feeling the effects in devastating ways, it’s unclear how much worst it can afford to get before it all starts tumbling down and we end up in a depression once again.

With the holidays approaching, retailers have been reducing prices at record rates, trying to entice people back into stores. Car companies have been offering low interest financing for new vehicles, including to people with damaged credit that couldn’t have received financing before the recession. But even with these measures, people still have too little disposable income to create a real stimulant to the economy, and it seems unlikely that we will make it back on top for many years to come.


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