7 million lost jobs: Gone forever?


Chris Isidore
CNN
January 7, 2010

[efoods]A two-year string of job losses appears to be near an end, if it hasn’t ended already.

But most economists don’t expect the employment picture to significantly improve anytime this year — or over the next few years for that matter.

The unemployment rate, which stood at 10% in November, is expected to stay uncomfortably high for the foreseeable future. Some experts even suggest that the labor market won’t be able to fully recover from the 7.2 million jobs lost since the start of 2008 before another recession and round of job losses.

This probably won’t be a jobless recovery, like the 21-month period that followed the 2001 recession during which an additional 1.1 million jobs were lost. Most economists are looking for employers to start adding to U.S. payrolls early this year.

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