In the beginning of 2008, companies in the United States announced job cuts of over 74,000, representing a 69% increase from December 2007. Employees in the financial sector saw the largest reduction, with jobs cut by 177% equivalent to 15,789 jobs lost up from 5,710 jobs lost in December 2007.
It is now 2009 and we are in no better shape than the previous year. As the country continues to bear the brunt of the recent hit of the recession, another 129,000 joined the ranks of the unemployed in January according to a Statistics Canada report. The majority of laid off workers came from the manufacturing industry. Marking the largest monthly job loss on record, the numbers surpassed any monthly reduction during the 1980 and 1990 recessions. As a result, it boosted the unemployment rate up 0.6 percentage points to 7.2 per cent.