A bad job market getting worse

Peter Coy of Business Week is gloomy on the job outlook. I hope he’s wrong, but I think he’s right.

November Job Losses Could Be Worst in 28 Years
New figures may show 300,000 layoffs for the month, and possibly 400,000
By Peter Coy

The U.S. economy is bleeding jobs faster than it has since the early 1980s, and perhaps since the mid-’70s. Economic forecasters are now projecting that on Dec. 5, the government will announce the loss of more than 300,000 jobs in November–possibly more than 400,000. December is shaping up to be a bad month as well. The rate of layoffs should slow next year as economic stimulus begins to kick in, but modest monthly declines could continue well into 2010. “Let’s get real. These numbers are horrible,” says Ellen Zentner, senior U.S. economist for Bank of Tokyo-Mitsubishi UFJ in New York….

We’ll learn more when the job numbers come out tomorrow.

Read it and weep.