As we’ve heard from nearly every circle, including Obama’s, is that it’ll get worse before it gets better.
This news seems to bear that out.
More than 20 companies said they were cutting jobs, ranging from Amonil SA, Romaniaâ€™s second-biggest fertilizer maker, to Fiat SpAâ€™s Magneti Marelli auto-parts division. Hertz, the second-largest U.S. rental-car company, said it will cut more than 4,000 jobs, as businesses and consumers slow travel because of the global recession.
â€œWhat you take away here is just how miserably profitability performed in the final quarter of â€˜08,â€ said John Lonski, chief economist at Moodyâ€™s Capital Markets Group in New York, in an interview. â€œCompanies cut back on staff when sales are significantly under expectation.â€
About 2.1 million U.S. jobs will be lost in 2009, Lonski predicted, with 80 percent of the layoffs by the 4th of July.
Couple this with the liquidation of Circuit City and we’re in unchartered unemployment territory…at least in my lifetime.
So, are you looking for work? Share your story below in the comments.