US Jobs Continue to Decline
Jobs loss will continue to hunt the US economy as experts predicted that in the second quarter of 2009, economic recession will emerge, forcing big companies to lay off thousands of workers and reduce its operating expenses.
When this event happens, it will be the lowest economic downturn the country has experienced for decades.
Economists and experts warned that job loss in the US this year will continue to rise as recession will emerge in the second quarter.
If this prediction happens, economists believe that it will be the worst and the longest economic downturn since the Great Depression which happened from the late 1930’s to early 1940’s.
When recession occurs, experts warned that companies will be forced to cut off its workforce, reduce its operating expenses, and adopt other kinds of contingency plans to lessen the impact of the economic slowdown.
According to Moody's Economy chief economist Mark Zandi, the first six months will be the hardest period and will shift to less painful another six months.
Despite this gloomy prediction, some business owners and experts believe that it is possible to cushion the impact of economic recession by implementing fiscal and monetary policy by the government and the nation’s banking sector.
Comerica Bank chief economist Dana Johnson said it would take all measures and economic stimulus to keep the situation from worsening.
According to economic consulting firm Decision Economics, the economy will bounce back before the year ends and will fully recover in 2010.
In an interview, President of Decision Economics Allen Sinai said that Americans “should hang on” since 2010 will be better for the economy.
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