Snapshot of Recession: Job Loss Figures Tell the Story


  • newswise-fullscreen Snapshot of Recession: Job Loss Figures Tell the Story

    Credit: 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.

Newswise — "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: 1,179,000Nov. 275,000 (projected)


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