As many as a million American jobs could be lost every month by next spring as businesses struggle to raise capital in financial markets consumed by fear, according to a new analysis.
November was the worst month in the US labour market since the oil crisis of 1974, as more than 500,000 US workers were laid off, according to official figures released on Friday.
But Graham Turner, of consultancy GFC Economics, says the rising cost of corporate debt is now flashing a red warning signal that far worse is to come over the next few months and job losses are heading for levels last seen in the 1930s Great Depression.
Emphasis added by me.
Oh yeah, that scares even me.
The one thing I'd not considered in my near-twelve months of screaming about this issue was the ongoing rate of unemployment; that is, the pace at which jobs would be destroyed.
I knew it would add up to a large number, but being a math retard, I never stopped to consider what that would look like on a daily, weekly, and monthly basis.
One million a month is a very frightening number.
And I want you to notice one other thing. The headline says corporate layoffs. Will it go even higher due to local and neighborhood businesses?