Saturday, August 23, 2008

2008 Job losses

463,000 jobs have been lost in 2008.

However, there could be a lag in the recovery of the labor market, as there was following the end of the 2001 recession.

"Job losses tend to be persistent, and the economy does turn before the job market," Karl added.

And Crary concedes that the credit crunch remains a big wild-card for any economic and job market predictions.

Although I couldn't help but notice the optimistic economist is predicting job gains for 2009 and 2010. Automotive?!? Sorry, but downsizing vehicles are here for a few years. With China and India coming online and the horrid mis-management of the Mexican oil fields (production down 37%), I see no return to the SUV craze nor the *need* for surplus vehicles as we saw during the bubble.

Jobs lag the economy. The economy is turning down. We're over-invested in too many sectors for a quick recovery.

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