Employers Slash Nearly 600,000 Jobs--Most Since 1974

Employers Slash Nearly...
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The nation lost nearly 600,000 jobs last month, the worst showing in a third of a century, as a vicious cycle of cutbacks by consumers forced ever more layoffs by beleaguered employers.
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The unemployment rate catapulted to 7.6 percent, the highest in 16 years, and seems headed for double digits. Some 3.6 million jobs have disappeared so far in a deepening recession, which is shaping up as the biggest job killer in...

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From the list : Laid-Off USA by mona_moolah

In other January figures: Factories slashed 207,000 jobs. That was the largest one-month drop since October 1982, partly reflecting heavy losses at plants making autos and related parts. Construction companies cut 111,000 jobs, professional and business services 121,000, retailers 45,000 and leisure and hospitality companies 28,000. There were gains for education and health services, as well as in government jobs, but those were swamped by the losses elsewhere. The average time it took for an unemployed person to find any job full or part time rose to 19.8 weeks in January, compared with 17.5 weeks a year earlier. And the number of "long-term" unemployed those out of work for 27 weeks or more climbed to 2.6 million from 1.4 million a year earlier. The recession is likely to turn out to be the longest since the 1930s. The two record holders since then downturns in the mid-1970s and early 1980s each lasted 16 months. This recession, which would reach that milestone in April, probably won't end until September, Mark Zandi, chief economist at Moody's Economy.com, and other analysts said.

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