600,000 Jobs Lost So Far This Year
Federal Debt Relief System is at the forefront in the battle to restore the America’s Constitution and liberty by arming millions with the sobering information and vital education designed to restore America’s freedom which today is sadly and urgently under attack and duress from all sides.
Federal Debt Relief System spotted this at CNN Money recently:
Job losses have been mounting, and the slowing economy and credit crunch is likely to take an even greater toll in the coming months.
Analysts on average forecast that the monthly employment report expected Friday will reveal that the economy shed 105,000 jobs in September - the largest monthly loss in five years. The economy already has lost 605,000 jobs this year.
Failing mortgages and struggling banks have made it difficult for businesses and consumers alike to borrow money. If businesses can’t borrow money, the thinking goes, they can’t expand stores or hire more people.
“A complete lockup of the credit markets will reverberate throughout the economy in a very severe fashion,” said Martin Regalia, chief economist at the U.S. Chamber of Commerce, a business lobby group. “If the economy problems continue further, we’ll see truly dramatic unemployment.”
Regalia expects unemployment to reach 6.5% by the end of the first quarter next year, and 7% if nothing is done by the government to free up the capital markets. While the economy may stop shedding jobs at that point, he said those stubbornly high rates of unemployment could persist until the end of 2009.
Actual job losses are more difficult to predict. Regalia said 150,000 to 175,000 a month could be likely, significantly higher than today’s levels but far below the rate of 250,000 to 300,000 lost during the last recession in 2002.
The government is still negotiating a package that would enable the purchase of distressed assets from banks in the hopes of getting them to lend again. The $700 billion bailout was rejected in the House of Representatives on Monday, and the Senate is set to vote on a revised version on Wednesday night.
“If we don’t have measures to correct the situation, we will see more [job] losses,” said Joyce Bastoli, a vice president at Ajilon Finance Solutions, part of the staffing company Adecco. “If companies don’t have access to capital, we will see it trickle down.”
The Federal Debt Relief System is dedicated to sounding the alarm while there is still time to do something about it.
Learn more at Federal Debt Relief System now.
Also See: Credit Revolt, financial disaster
