More Families, Friends Move In Together

From 2005 to 2009, American families took about 3.8 million extended family members in to their home to live with them. Due to financial strain, more and more households now have multiple siblings or family members living under one roof. New census data found that extended relatives now make up 8.2% of family households, up from 6.9% in 2005.

USA Today reports

Fueled by the dismal economy and high unemployment, more Americans — friends and families — are doubling up.

From 2005 to 2009, family households added about 3.8 million extended family members, from adult siblings and in-laws to cousins and nephews. Extended family members now make up 8.2% of family households, up from 6.9% in 2005, according to Census data out this week.

"Clearly, a big part of that is the economic recession and housing costs," says Stephanie Coontz, co-chair of the Council on Contemporary Families, a non-profit research association. "We're seeing a shift away from the 1950s and 1960s mentality against extended families," when "modern" women did not take in aging parents for fear of hurting their marriage.

There are also signs of a shift from family households. For the first time in more than a century, more than half of people aged 25 to 34 have never been married.

The number of people in non-family households — those whose members are not related — grew 4.4% from 2005 to 2009, faster than the 3.4% growth for family households.

"It's a realistic recognition that while a good, healthy nuclear family is a valuable thing to have, it's not the only family form people are going to live in all their lives," Coontz says.

Read more here

U.S. Lost Most Jobs Among Rich Countries

From ABCNews.com:

Unemployment in rich countries may have peaked — but there are still 17 million more people out of work than at the start of the crisis, the OECD said Wednesday.

They are "the human cost of the crisis," OECD chief Angel Gurria said, urging governments not to neglect them as they seek to repair wrecked balance sheets.

The longer a person is unemployed, the harder it typically becomes for them to gain paid employment.

"This threatens to mark whole generations," Gurria said in a news conference to mark the publication by the Organization for Economic Co-operation and Development of the report 'Employment Outlook 2010.'

There are 47 million unemployed in the OECD's 31 member countries — the world's most developed economies, the report says.

That's a rate of 8.6 percent, according to May 2010 figures, and compares with 5.8 percent in 2007.

In Job Market Shift, Some Workers Are Left Behind

From NY Times.com:

Many of the jobs lost during the recession are not coming back. Period.

For the last two years, the weak economy has provided an opportunity for employers to do what they would have done anyway: dismiss millions of people — like file clerks, ticket agents and autoworkers — who were displaced by technological advances and international trade.

The phasing out of these positions might have been accomplished through less painful means like attrition, buyouts or more incremental layoffs. But because of the recession, winter came early.

The tough environment has been especially disorienting for older and more experienced workers like Cynthia Norton, 52, an unemployed administrative assistant in Jacksonville.

“I know I’m good at this,” says Ms. Norton. “So how the hell did I end up here?”

Administrative work has always been Ms. Norton’s “calling,” she says, ever since she started work as an assistant for her aunt at 16, back when the uniform was a light blue polyester suit and a neckerchief. In the ensuing decades she has filed, typed and answered phones for just about every breed of business, from a law firm to a strip club. As a secretary at the RAND Corporation, she once even had the honor of escorting Henry Kissinger around the building.

Summer Job Outlook Is Cloudy

From CNNMoney.com:

The search for a summer job won't be any easier this year, despite nascent signs of a recovery.

Almost half of hiring managers -- 47% -- don't plan to hire any seasonal workers this summer, said a survey from hourly job site SnagAJob.com. That's about the same as last summer's 46%.

The majority of respondents, 54%, said they think it will be "difficult" for teens to find a summer job this year. The survey did not ask that question last year.

"Just like last summer, employers have a wide range of [applicants] this year," said Shawn Boyer, chief executive of SnagAJob.com. "When managers can pick from the cream of the crop, it makes it tough for those applying."

Teens were likely hoping for a sunnier outlook this year, since 2009's summer job openings were slim amid a churning economy. But even as the recession has begun to abate this year, the unemployment rate remains at 9.7%.

Initial Jobless Claims Unexpectedly Rise

From Yahoo Finance:

A surprising jump in first-time claims for unemployment benefits is a painful reminder that jobs remain scarce six months into the economic recovery.

The increase deflated hopes among some analysts that the economy would produce a net gain in jobs in January.

The Labor Department said Thursday that initial claims for unemployment insurance rose last week by 36,000 to a seasonally adjusted 482,000. Wall Street economists expected a small drop, according to Thomson Reuters.

The four-week average, which smoothes fluctuations, rose for the first time since August, to 448,250.

A Labor Department analyst said that much of the increase last week was due to administrative backlogs leftover from the winter holidays in the state agencies that process the claims.

Unemployment Claims Rise Unexpectedly

Despite predictions of a decline, unemployment claims in the U.S rose by 7,000 last week for a total of 480,000. Leading economists had expected the number of claims to decrease to 465,000, however the opposite turned out to be true. This news is especially trouble as holiday season usually brings additional employment opportunities. Checkout the following article from CNNMoney.com on the startling announcement.

There were 480,000 initial job claims filed in the week ended Dec. 12, up 7,000 from the previous week's revised 473,000, the Labor Department said.

A consensus estimate of economists surveyed by Briefing.com expected claims to decline to 465,000.

The 4-week moving average of initial claims totaled 467,000, down 5,250 from the previous week's revised average of 472,750.

This marks the second consecutive week that claims have climbed. But weekly claims have proven to be volatile with some pops but overall maintaining a downward trajectory. Analysts say that's normal for this time of year.

"With all the seasonal factors in play at this time of year, I'm not going to get too concerned over a couple of weeks of increases," said Robert Dye, senior economist at PNC Financial Services Group. "I expect the downward trend to steadily continue, but it wouldn't surprise me if we get another erratic week or two."

Job Picture: Signs of Improvement

New reports have emerged showing a slight improvement in the country’s job loss problem. According to Automatic Data Processing – a payroll-processing firm – private job losses totaled 169,000 in November. This represents the eighth month in a row that job losses have fallen from the month before according to CNN.

"Looking forward, we expect several months of declines," said Joel Prakken, chairman of Macroeconomic Advisers, in a conference call. "But the losses will get smaller and we should see the first positive number in February's data."

The U.S. economy will not return to "full employment," defined as 5% unemployment, until as late as 2014, Prakken said.

Prakken also addressed the jobs forum slated for Thursday, in which President Obama will meet with labor representatives, financial experts and other business leaders to discuss the continued problems with unemployment.

"There are two ways you can go: hope more government spending translates to employment, or give tax incentives for hiring," Prakken said.

Both options are tricky, Prakken said, and "he's not a huge fan" of either avenue because to improve the labor market most of the hiring will have to be in the private sector.

California Was Among States With Record Unemployment

According to an article on Bloomberg.com, the jobless rate rose in 29 of states across the country last month. California, Delaware, South Carolina and Florida were all among the list of states with record unemployment rates, while Michigan, Nevada, and Rhode Island had the highest jobless rates with 15.1%, 13%, and 12.9% respectively.

The national rate last month reached a 26-year high of 10.2 percent, weighing on consumer spending that accounts for about 70 percent of the economy. Federal Reserve Chairman Ben S. Bernanke said Nov. 17 that joblessness “likely will decline only slowly,” a reason policy makers will keep interest rates near zero to ensure growth is sustained.

“We’ve had a surprisingly sharp jump in the jobless rate,” said Richard DeKaser, president of Woodley Park Research in Washington. “Businesses have truly been doing an extraordinary job of wringing out productivity from the labor force.”

Stocks fell for a third day, with the Standard & Poor’s 500 Index declining 0.3 percent to 1,091.38 at 4:03 p.m. in New York. Dell Inc., the third-largest maker of personal computers, dropped 10 percent after reporting a 54 percent drop in profit.

The unemployment rate fell in 13 states, including Massachusetts, where it declined to 8.9 percent from 9.3 percent; New Hampshire, with a drop to 6.8 percent from 7.2 percent; and West Virginia, which fell to 8.5 percent from 8.9 percent.

Job Openings Rise, But Hiring Still Weak

Although the real estate industry is showing signs of improvement, high unemployment is still troubling this country. According to new reports, the number of job seekers outnumbers the number of job openings by six to one. These statistics come from the recent Job Openings and Labor Turnover survey from the Bureau of Labor Statistics. Their report also claims that layoffs were up by nearly 90% from the year prior in the month of September.

15.7 million people are out of work. The nation's unemployment rate rose above 10% for the first time since 1983 in October. And with fewer openings available, prospects for the unemployed are looking grim.

Job seekers now outnumber openings by more than six to one, the greatest discrepancy since the labor department began tracking job openings.

Job openings: There were fewer than 2.5 million job openings in September, down 35% from a year ago, according to the latest Job Openings and Labor Turnover survey from the Bureau of Labor Statistics.

The only bright spot, according to Bernard Baumohl, chief global economist for the Economic Outlook Group, is that the number of job openings rose slightly to 2.48 million in September from 2.42 million in August.

The uptick in job openings "could be the first break in the clouds," he said."If the economy continues to show strength, then the new job openings could very well result in an increase in employment later this year and into 2010."

Continue reading at CNN.com…

Obama: More Job Losses to Come

In a meeting with economic advisers on Monday, President Barack Obama stated that there would indeed be more job losses in the next few months. However, he claimed that this does not mean the economy is not recovering. There is “always a lag of several months between businesses starting to make profits again and investing again and them actually rehiring again,” he asserted.

Obama also said he's confident "that having moved the economy on the right track ... there's no reason why we're not going to be able to not only create jobs, but the kind of sustainable economic growth that everybody's looking for."

The White House has highlighted several indicators of economic stabilization over the past week. Among other things, administration officials have argued that the Democrats' controversial $787 billion economic stimulus program helped stave off a depression and spark 3.5% growth in the third quarter.

On Friday, the administration released a report claiming the program helped create or saved over 640,000 jobs.

Republicans questioned the validity of the White House report, saying it exaggerated the program's effectiveness. Each new job, critics charged, cost $248,000 to create.

The Commerce Department said construction spending rose unexpectedly in October by almost 1%. Economists surveyed by Briefing.com were anticipating a 0.5% decline.

Continue reading at CNN.com…

Joe Biden on Jobs: Mission Accomplished

From the WallStreetJournal.com:

Vice President Joe Biden is spending much of his time these days stumping for Democrats occupying vulnerable House seats. In the last month, he has campaigned in 10 districts held by freshman Democrats, and raised more than $1 million for them. Political strategists have started referring to him as the House Democrats' "sugar daddy."

But Mr. Biden's gaffes of late may make him more of a liability than an asset for House members whose seats he's supposed to be saving. Last week he pronounced that the stimulus plan was working beyond "my wildest dreams." Three days after the Labor Department announced another 260,000 lost jobs in September, he boasted in Connecticut that the stimulus has "saved or created one million jobs." In reality -- one that too many voters have experienced first-hand -- the economy has lost 2,884,000 jobs since the stimulus passed.

Mr. Biden may be upbeat, but political operatives in the White House are getting slightly panicked about the economy. In the past, lousy job numbers were written off by Robert Gibbs and the White House spin machine because "we are losing jobs at a slower pace." In September, we lost jobs at a faster pace. Larry Kudlow of CNBC notes that the Department of Labor's Household Survey (as opposed to the survey of businesses) indicates a 785,000 job loss in September -- a "really bad number that indicates small businesses just aren't hiring."

If job losses persist, Democrats seem to have no idea how to respond beyond more deficit-financed government spending. "Plan B," says Senator Jim DeMint of South Carolina, "is more of Plan A," i.e., another debt bomb stimulus. Given how out of sync Mr. Biden's euphoria is, one wonders how much longer vulnerable Democrats will be inviting Mr. Obama's chief cheerleader into their districts.

Unemployment to Peak in 8-12 Months

As the United States continues to struggle with unemployment, the head of the International Monetary Fund (Dominique Strauss-Kahn) announced yesterday that the world’s unemployment will not peak for at least another eight months. According to Breitbart.com, Strauss-Kahn warned that unemployment rates and economic conditions are not likely to improve as quickly as many economists would like.

"The problem we are going to face in the coming year may be much more important, much more difficult to solve in low-income countries and some emerging countries than in advanced economies," he said.

Compared with advanced countries, where the recession has meant a couple of percentage point changes in purchasing power or unemployment, in low-income countries "it goes to a question of life and death, or starvation," he said.

Strauss-Kahn said the issue of how to fight unemployment was at the top of the agenda of a meeting held by the Development Committee, representing all 186 members of the Washington-based IMF and World Bank. Its decisions largely affect the strategic direction of the World Bank.

Strauss-Kahn called for members to increase the resources of World Bank so it can aid developing and poor countries cope with rising unemployment.

U.S. Unemployment Now Lasts Longer Than Benefits: Chart of Day

According to Bloomberg, for the first time in U.S. history, the average amount of time it is taking the average American to find a new job now exceeds the length of time they are eligible for standard unemployment benefits. Their report suggests that the average duration of unemployment stands at 26.2 weeks, while unemployment benefits typically only last 26 week. This new revelation comes just days after it was reported that the jobless rate rose to 9.8% in September.

Congress has extended unemployment benefits twice -- first in July 2008 and then as part of the stimulus bill signed in February. Currently, the unemployed are eligible for a total of 46 weeks of benefits, and those in states where the unemployment rate is more than 6 percent are eligible for 59 weeks.

Those additional benefits expire at the end of the year, and about 1.3 million people will exhaust them by then, according to the National Employment Law Project. An extension of benefits, which was passed by the House of Representatives, is being held up in the Senate by lawmakers who object because their states would be excluded from the plan.

The purple line on the chart shows 5.4 million people have now been out of work for at least 27 weeks, representing 35.6 percent of the total number of unemployed, the most since the agency began keeping statistics in 1948.

96% of U.S. Metro Areas Lost Construction Jobs this Year, Research Finds

From The LATimes.com:

Construction employment dropped this year in more than 96% of the country’s metropolitan areas, according to research released today by the Associated General Contractors of America.

Of the 337 metropolitan areas, construction-related jobs plunged in 324 regions between August 2008 and August 2009, according to an analysis of federal employment data.

The Reno-Sparks area of Nevada was the hardest hit, with a 35% dive, followed by the 33% sag in the Duluth region spread over Minnesota and Wisconsin. Construction employment in Tucson plummeted 31%, and it slumped 30% in Wenatchee, Wash.

Several California areas suffered deep declines. Construction jobs in Redding dipped 28%, while employment in the construction, mining and logging sectors in El Centro dropped 27%. The Riverside, San Bernardino and Ontario region, as well as the Sacramento, Arden-Arcade and Roseville area saw construction jobs slide 23%. Construction, mining and logging work fell 23% in the Santa Cruz and Watsonville zone.

Statewide, California’s construction employment numbers dropped 19%, from 798,400 workers to 650,200. Construction jobs in the Los Angeles, Long Beach and Glendale division fell 12%, from 145,400 workers to 127,300. The best performer in the state was the Hanford-Corcoran metropolitan area in Central California, which was ranked 95% nationwide with an 8% drop in construction, mining and logging jobs....

...The 13 areas around the country that had an upward trend in construction employment collectively had 2,800 more jobs.

The construction industry overall has lost 1 million jobs.Only Columbus, Ind., enjoyed a double-digit increase, with a 14% rise in construction employment. The number of jobs in Anderson, Ind., rose 6%, while Tulsa, Okla.; Longview, Wash.; and Baton Rouge, La., each had a 3% jump.

The numbers were paired with a new plan from the Associated General Contractors to try to revive the construction industry. “Build Now for the Future: A Blueprint for Economic Growth” would focus on stimulating new construction in the private sector by repealing the alternative minimum tax, boosting and extending tax credits and cuts, and investing in infrastructure.

California Lawmakers Scramble to Keep State's Last Car Factory Open

Lawmakers are struggling to save California’s last remaining car factory, NUMMI plant, in Fremont. The plant is operated by both GM and Toyota, and employs over 5,000 Californians. Legislators are hoping to push through a bill that will give the plant increased tax breaks, and a decision is expected this afternoon. Check out the following article from the LA Times discussing the issue.

"We believe that plant is a public good," said state Sen. Roderick Wright (D-Inglewood), who co-wrote the Senate bill. He added that his own Los Angeles County district is home to parts suppliers that would be affected should NUMMI close. "The fact that we could lose our last car manufacturing facility is unconscionable."

But amid Sacramento's grinding budget crisis, there is considerable doubt about how much money would be available to provide tax cuts to one of the world's largest companies -- and whether any amount of taxpayer-funded goodies would be sufficient considering the depths of the auto industry's woes.

"How many extra millions do taxpayers have to give Toyota to stay?" said Lenny Goldberg, executive director of the California Tax Reform Assn., who questions whether those kinds of incentives even work. "If you're going to give it away, give it away right."

Manufacturers have long complained about the cost of doing business in California. The legislation proposed this week would, in part, reduce that burden for the auto industry, sponsors said.

The bills, ABX4 31 and SB 830, would exempt NUMMI and other auto plants from sales tax on improvements and retooling of the plant, a process that can cost hundreds of millions of dollars. Toyota is not currently retooling NUMMI, but it could in the future to build fuel-efficient vehicles such as hybrids.

The Senate bill goes further. It would designate the plant and the area around it an enterprise zone, which provides a variety of other tax benefits. In addition, the bill would cut state fees that NUMMI pays for utilities, and it would encourage state and local agencies to buy vehicles made at the plant.

Legislators say they will urge Gov. Arnold Schwarzenegger to use the incentives as leverage with Toyota to keep the plant operating.

Making the Most of Your Taxes for the Growing Legions of Unemployed – Part 2

As a follow up to the entry I posted yesterday, here are some ways to make the most of your taxes if you are one of the millions currently struggling with unemployment.

First of all, you can probably expect a larger refund. Taxes are withheld from wage earners based on the assumption of continued employment and continued income throughout the year. Abruptly losing your source of income means you probably had taxes overwithheld from your previous pay, expecting you would end up in a higher tax bracket. When you file, you will correct that assumption and enjoy a little extra money coming your way in the form of a refund.

If you received public assistance, like food stamps or WIC, or if someone gave you money to help you out, those forms of income are not taxable. You can receive up to $13,000 a year in gifts from a single source, tax-free. Unfortunately, gifts to an individual cannot be deducted by the giver as a charitable contribution.

Many unemployed people do some freelance work to gain some income. While this means you have to pay self-employment taxes on that income (including Medicare and Social Security taxes), it also means you might be able to deduct expenses for the business. So, be sure you keep good records (and receipts!) and deduct everything to which you are entitled. You can also take advantage of the home office deduction, which is available for both owners and renters, so long as there is a dedicated space used regularly and exclusively for business, and it is the principal place of your business. This could include deducting mortgage interest, insurance, utilities, repairs and depreciation.

Since your income was cut-off, your are probably going to have a lower adjusted gross income (AGI) than in years past. Thus, you may be able to deduct medical expenses, student loan interest, and other miscellaneous deductions that you may have been ineligible to claim in the past. For example, you can usually only deduct medical expenses that exceed 7.5% of your AGI, making many employed people and those with employer provided health care ineligible. However, with a lower AGI, more of these expenses will become deductible. Also, remember that if you are paying COBRA fees to keep your medical insurance, you can deduct those fees as part of the medical deduction.

You may be able to undo your IRA contributions from earlier in the year. This means you can withdraw the amount you put in, including interest and dividends without tax hits. The only trick here is that you can not then also claim a deduction for those contributions, and you must still include any income you earned from the contribution.

This could be the perfect opportunity to dump some loser stocks and use capital losses to your advantage. Generally capital losses locked in by selling stocks are used to negate capital gains. However, if you have no capital gains, or have more losses than gains, you can use up to $3,000 of that loss to negate ordinary income. You can also carry the remainder of the loss forward into future years until you deplete the entire loss. And of course, one of the best parts is that by selling the stocks, you get an instant cash infusion.

Many tax professionals are offering free or low cost tax preparation for people who are having hardships or unemployed. Check around and find out if there are any reputable tax-preparers doing so in your local area. And the IRS is also offering free electronic tax filing and preparation for taxpayers with an adjusted gross income under $56,000 through the Free File program. Prefer in person help? The IRS offers Low Income Taxpayer Clinics. These clinics are run through independent organizations providing low-income taxpayers with representation in federal tax controversies with th4e IRS for free, or for a nominal charge. The clinics also offer tax education and outreach for taxpayers when English is their second language. If those options don’t work for you, the IRS offers free tax preparation help nationwide form IRS trained volunteers. The Volunteer Income Tax Assistance program is designed to help low income taxpayers, and the Tax Counseling for the Elderly program is designed to assist taxpayers over 60 years old with their returns.

While it doesn’t help you this year, there will be a number of tax breaks and unemployment help available for 2009. From $2,400 tax free in unemployment compensation, increased unemployment benefits, and prolonged eligibility periods, the American Recovery and Reinvestment Act (AKA the Stimulus Package) may help ease the burdens of families struggling with unemployment. Small comfort for those who needed help last year, but hopefully some of the tips in this post can help you make the most of a bad situation.

UOP Forecast: Sacramento Unemployment To Hit 12%

My hometown of Sacramento is facing huge unemployment rates mostly due to a record drop in construction jobs. The Sacramento Business Journal has put together an in-depth article examining the city’s unemployment problem. I have included a clip of their article below, but the full text can be found here.

Sacramento will lose 30,000 construction jobs by 2010, a 40 percent drop and the most of any Northern California metropolitan area, according to a forecast released Thursday by the Business Forecasting Center at the University of the Pacific.

The Sacramento area, currently burdened by a 10.8 percent unemployment rate, is projected to crest above 12 percent in early 2010, far beyond any previously recorded rates.

“Sacramento has disproven the notion that state capitols are recession resistant,” said the center’s director, Jeff Michael.

Unemployment is forecast to peak at 11.5 percent in San Jose, 11.3 percent in the East Bay, and 9 percent in San Francisco.

“Population shifted to the Bay, and the recession followed,” Michael said.

Unemployment in the San Joaquin Valley is forecast to peak around 18 percent, levels last seen in the early 1990s.

Housed in the Eberhardt School of Business, the center produces quarterly economic forecasts of the United States, California and 11 metropolitan areas from Sacramento to Fresno and the San Francisco Bay Area.

Unemployed? You Could Qualify For Tax Breaks

From USA Today:

If you're unemployed, your tax bill will probably decline. That's small consolation — sort of like suggesting that going bald isn't so bad because you'll save money on shampoo. Given a choice, most people would rather have a full head of hair and a job.

Still, if you were laid off last year, you could be eligible for a host of tax deductions and credits that could put money in your pocket when you need it most. Tax breaks that could become available when your income is down:

•Deduction for medical expenses. Co-payments, deductibles and other unreimbursed medical expenses are deductible only if they exceed 7.5% of your adjusted gross income.

The income cut-off prevents most people with jobs and employer-provided health insurance from deducting medical expenses. But if your income has declined and you're paying more for health care, the threshold could become easier to cross.

Under a federal law known as COBRA (Consolidated Omnibus Budget Reconciliation Act), you can continue your former employer's coverage for at least 18 months. To maintain coverage, though, you must pay the entire premium, plus an administrative fee. These expenses qualify for the medical expense deduction, says Leslie Laffie, tax analyst for Thomson Reuters.

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Many employees who can't afford COBRA opt instead to buy an individual insurance policy. Premiums for these policies are also deductible, Laffie says. And if you're required to pay a specific amount out-of-pocket before your insurance kicks in, those payments also count toward the medical expense deduction.

Miscellaneous itemized deductions. Expenses that fall into this category include tax preparation costs, safe deposit box fees and — significantly, for unemployed people — job search expenses. To claim this deduction, your combined miscellaneous expenses must exceed 2% of your AGI, so this is another break that becomes more accessible when your income has declined.

Your can deduct job-hunting costs even if your search was unsuccessful, Laffie says. However, you must seek a job in the same business or trade where you were previously employed to deduct those costs.

"If you were a teacher, you have to be looking for a job as an educator, vs. looking for a job as an engineer or accountant," she says.

Wave of Layoffs In U.S., Europe Show Severity of the Recession

From USA Today:

Household names such as Caterpillar, (CAT) Home Depot (HD) and Sprint Nextel (S) said Monday that they are laying off a combined 35,000 workers in moves that stressed the severity of the worldwide recession and kicked off what is likely to be a week of gloomy earnings announcements, further job cuts and dismal data.

The layoffs continued Tuesday as Corning said it is cutting 3,500 jobs, or 13% of its payroll.

The news ratchets up the pressure on the Obama administration and Congress as lawmakers debate an $825 billion stimulus package intended to save or create millions of jobs. Far more job cuts are likely as consumer and business spending tumbles amid what many economists say is the worst recession the USA has seen since the Great Depression.

"Some of the worst job losses are ahead of us, not behind us," says Wells Fargo senior economist Scott Anderson.

STATE UNEMPLOYMENT RATES: Indiana, S. Carolina see largest increases; see rates for all 50 states

He expects 3 million Americans to lose their jobs in 2009 — up from the 2.6 million who were cut last year, which was the most since 1945, the final year of World War II. The layoffs are happening in "all industries in all areas of the world," Anderson says. "This will be one of the worst job markets in the postwar period."

Nation loses 524,000 jobs in December

From the Kansas City Business Journal:

The United States lost 524,000 jobs in December compared with November, and the nation’s December unemployment rate was 7.2 percent, up from 6.8 percent the prior month and the first rate higher than 7 percent since 1993, the U.S. Bureau of Labor Statistics said Friday.

The nation lost 1.93 million jobs between August and December. The manufacturing sector had the biggest December job loss, at 149,000. For all of 2008, the sector lost 791,000 jobs, an average of 66,000 a month.

The nation also lost 101,000 construction jobs in December and 632,000 in all of 2008, the Bureau of Labor Statistics said.

Employment in the retail trade sector declined on a seasonally adjusted basis, despite the holiday season. The sector had 66,600 fewer jobs in December than in November and lost 522,300 jobs for the year.

The only sectors to register increases between November and December were health care, which picked up 31,600 jobs nationally; educational services, up 7,000 jobs; and government, which added a total of 7,000 jobs at the federal, state and local levels.

The nation’s unemployment rate in December 2007 was 4.9 percent.