January 2009 Job Losses Triple Those of 2008
Layoff notices for January 2009 were up 222% compared to January 2008.
Nonfarm private jobs fell a seasonally adjusted 522,000 in January from the prior month as the world's largest economy entered a second year of recession, according to a report by private payrolls firm, Automatic Data Processing (ADP).
A separate report by Challenger, Gray & Christmas consultancy said 241,749 planned layoffs were announced in January, the largest monthly total since January 2002, when job cuts hit an all-time high of 248,475.
According to the Labor Department's upcoming report, the US economy lost 535,000 jobs in January alone.
The goods-producing sector declined for the 24th consecutive month. Employment in the manufacturing sector fell for the 28th time over the last 29 months.
Firing announcements rose 222 percent last month from January 2008, to 241,749, Chicago-based Challenger, Gray & Christmas Inc. said today. It was the largest total since January 2002, when job cuts reached a record of 248,475, Challenger said.
Job losses are mounting as the world’s largest economy is in the second year of the longest recession in a quarter century. President Barack Obama is pressing Congress to enact an $819 billion stimulus bill to save or create up to 4 million jobs and steer the economy toward a recovery.
Ireland has also had the worst layoff increase on record, with over 300,000 people seeking unemployment benefits in a nation of just over 4 million people.
Mr Cowen said the number of people in receipt of unemployment benefits is now likely to exceed 400,000 by the end of the year.
Fine Gael leader Enda Kenny said the figures were “quite catastrophic” and amounted to an "employment bloodbath that would have horrific social consequences”.