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Donnerstag, 11. Dezember 2008

Is the Jobs Panic Justified?

BusinessWeek asked economists from Wall Street to academia.

Their job forecasts all depend on when they think the credit markets start working again

It was bad enough when Iceland got into financial trouble and practically sank into the frigid North Atlantic. It was worse when your next-door neighbor lost his home to foreclosure. But now things are really getting scary: Your own job may be at risk.

Unease turned to incipient panic on Dec. 5 after the government reported that the U.S. economy lost 533,000 jobs in November, making it the worst month for employment since the grim days of December 1974. The holiday party chatter is all about layoffs. Everyone wants to know how long the jobs hemorrhage will last and how bad it will get.... more details and video in Businessweek here....

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