Big Month of Job Cuts

(12/1/2008 to 12/5/2008)

Summary: The continuing struggle in the investment banking industry caused one of the worst months in job losses in history this past week. In fact, the economy shed over 533,000 jobs in just November. This brings the year's total job losses to 1.9 million. November had the largest monthly job loss total since December 1974. The number of jobs lost in the current recession, which began in December 2007, surpasses the 1.6 million jobs lost in the 2001 recession. Why? With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses. As a result, job losses were spread across a wide variety of industries: manufacturing, leisure and hospitality, construction and even, in the midst of the holiday shopping season, retail. Economists expect job cuts to continue until we leave this recession. Much of these job cuts have come in the investment banking and financial services industry, where many Wall Streeters have been forced to post their resumes and search for work for the first time in many years.

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