2010 Outlook: Turnaround Likely, Unemployment Still High
Even though hiring is expected to pick up, unemployment rates could remain "stubbornly high" in 2010, according to Challenger, Gray & Christmas Inc.
The international outplacement firm said millions of Americans abandoned the job search out of frustration during the recession, and as such, are not counted among the unemployed. They will be counted as unemployed once they reenter the job search.
The firm reported that since the recession began in December 2007, approximately 2.5 million jobs have been cut, with the monthly total reaching its peak in January 2009, as 241,729 jobs were lost. That's the highest monthly total since January of 2002.
By November 2009, however, job cuts fell to 50,349, which is the lowest monthly total since December 2007.
"The end of the year is typically when we see a surge in layoff activity," Challenger said. "The fact that job cuts continued to decline in the fourth quarter is a good sign that the job market has truly started the recovery process."
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