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Snapshot of Recession: Job Loss Figures Tell the Story

04.12.2008
“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 lost
Feb. 83,000
March 88,000
April 67,000
May 47,000
June 100,000
July 67,000
Aug. 127,000
Sept. 284,000 (preliminary)
Oct. 240,000 (preliminary)
2008 Cumulative Job loss: 1,179,000
Nov. 275,000 (projected)
MEDIA CONTACT:
Peter Morici
(703) 549-4338
pmorici@rhsmith.umd.edu

Peter Morici | Newswise Science News
Further information:
http://www.umd.edu

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