Sunday, March 1, 2009
It's a liquidation problem ...
By Rex Nutting, MarketWatch
Last update: 10:41 a.m. EST March 1, 2009
If the economy did shed 630,000 jobs in February as expected, it would be the third largest monthly loss on record, dating back to 1939.
The record was set in September 1945, when nearly 2 million people lost their jobs after the Allies won the most destructive war in history and industry was retooling for peacetime, sending "Rosie the Riveter" back to her knitting.
In October 1949, 834,000 jobs were lost when almost all the nation's steelworkers went on strike in the final month of a brutal but short recession.
Another strike in July 1956 cost 629,000 jobs, but the next month saw 678,000 jobs regained.