The job report that is coming out later today is going to be one thing and one thing only.

UGLY.

We can expect to see a rise in job losses by about 800,000 with the total jobs lost during this current recession to a staggering 8 million.  Those numbers will be slowly offset by an expected 1.5 million new jobs over the next year and indications are that we are looking at three to four years before we start to see the job market come back to normal.

The report should also indicate an unemployment rate of 10.1% which will tie the record high which was set in October of last year.  Good news is that the GDP is rising but the increase in job activity is still slow to catch up as companies are being very conservative in their hiring.

The whole health care debacle didn’t help as that has also kept hiring managers concerned about what would happened to their payrolls if some kind of obscene government mandated health care program got passed that would cause an increase in expenses to companies.

Even with all the initiatives that the current administration is proposing to businesses, the projected unemployment rate is still going to be close to 9.8% at years end.

This entry was posted on Friday, February 5th, 2010 at 7:28 am and is filed under Employment News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.