From Kiplinger, January 8, 2009...
Stock investors know what it's like to see everything they own in the red, no matter the sector, industry or company. And that's what the job market will look like in 2009: pervasive losses, with precious few pockets of strength.
Nationally, we expect the unemployment rate to peak at 8% toward the end of 2009, up from a trough of 4.4% in March 2007. When the layoffs are finally behind us, anywhere from two to three million jobs will have disappeared (we've lost more than one million already). The hardest-hit areas will be those where boom-and-bust housing markets, the financial crisis and automakers' struggles have done the most damage. Unemployment could reach 10% in the Central Valley of California, Florida and Michigan, and 8.5% in New York, according to Moody's Economy.com.
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