The idea that our economy shed another 216,000 jobs in August staggers the mind, yet it clearly registers as improvement after so many meager months with 600,000+ job losses. This is tentatively hopeful news for the economy, but it does little to brighten the outlook for the unemployed as well as those who monitor the status of the employment market. We can expect more job losses through the rest of 2009 and only moderate employment recovery in early 2010. Economists seem certain that the lagging employment market will continue to slow broader economic recovery while the ills of high unemployment will place a drag on banks and consumer spending. When the employment does begin to look better, it is unlikely to resemble the industry we’ve known in the past.
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