The economy has shed jobs in every month so far in 2008, bringing the total loss through November to 1.9 million.
The loss of jobs in November was particulary harsh, with a decline of 533,000. With the economy in recession, there is likely more bad news to come. And the unemployment rate, currently at 6.7%, could easily top 7%, if not higher.
President-elect Barack Obama has proposed a plan to create 2.5 million jobs through spending on roads, bridges and other infrastructure projects.
Even so, businesses are likely to remain cautious when it comes to hiring in the coming months. NEXT: Prices: The new deflation scare