WASHINGTON- The recession is killing off US jobs at an alarming pace, with tens of thousands of new layoffs announced today by some of the biggest names in American business - Pfizer, Caterpillar and Home Depot.
More redundancies, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.
"We're just seeing the tip of the iceberg the big firms," said Rebecca Braeu, an economist at John Hancock Financial Services. "There's certainly other firms beneath them that will lay off workers as quickly or even quicker."
Looking ahead, economists predicted a net loss of at least 2 million jobs - possibly more this year even if President Barack Obama's $US825 billion package of increased government spending and tax cuts is enacted. Last year, the economy lost a net 2.6 million jobs, the most since 1945, though the labor force has grown significantly since then.
The unemployment rate, now at a 16-year high of 7.2 per cent, could hit 10 per cent or higher later this year or early next year, under some analysts' projections.
Read more...
Cheers
Marc
More redundancies, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.
"We're just seeing the tip of the iceberg the big firms," said Rebecca Braeu, an economist at John Hancock Financial Services. "There's certainly other firms beneath them that will lay off workers as quickly or even quicker."
Looking ahead, economists predicted a net loss of at least 2 million jobs - possibly more this year even if President Barack Obama's $US825 billion package of increased government spending and tax cuts is enacted. Last year, the economy lost a net 2.6 million jobs, the most since 1945, though the labor force has grown significantly since then.
The unemployment rate, now at a 16-year high of 7.2 per cent, could hit 10 per cent or higher later this year or early next year, under some analysts' projections.
Read more...
Cheers
Marc