MarketWatch: U.S. jobs ax only getting sharper

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More than 1 million job cuts seen in 2009: Challenger
By Ruth Mantell, MarketWatch


WASHINGTON (MarketWatch) -- The labor market faces persistent weakness in 2009, with more than 1 million jobs cuts expected due to weak spending among consumers and businesses, according to a Monday report from Challenger, Gray & Christmas Inc.

The incoming administration is working on a massive economic stimulus package to save or create millions of jobs. But it will take time for the stimulus measure to work, said John Challenger, chief executive of the outplacement firm.

"Even if the measures work, it could take several more months for consumers and corporate America to regain confidence and begin spending again," he said.

The firm expects that healthy employment growth, associated with an expanding economy, may not start until 2013. Since the recession began in December 2007, almost 2 million jobs have been lost, according to the government. .......(more)

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