It started back in January of last year and has picked up greatly starting in Sept. with close to 1.8 million jobs lost the past 4 months. We could see another 2.5 million inside the first 2 quarters this year but then a tapering off. I would not be surprised though if we saw close to 4 million lost in 2009.
I got caught up in the great lay-off of 2001 and this one seems to be less.