Awful Job Prospects Get Worse

There is nothing much to add to this bad news:
Bellwether Caterpillar among those shedding workers

The key thing to remember is that unemployment tends to lag, rather than lead, the economic cycle. That is because the economy has already gone over the cliff before employers start to cut their workforces. So looking at these awful statistics is not an indicator of what is in store for us, but is rather a measure of where we have travelled so far. Even so, this data is just more evidence, as if we needed it, that our current slump is very deep and probably won’t end this year.

That makes Obama’s stimulus plan even more important and makes those who oppose it even more ridiculous.

Note:

I won’t talk about the opposition to Obama’s plan yet. Paul Krugman has an excellent Op-Ed piece you should read on that subject here: Krugman on the Obama Plan Debate