Worst job losses 'over by Easter'

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A study of job losses in the UK and the United States shows recession-related cuts of similar magnitude, although the downturn was said to be three months later in this country.

The Chartered Institute of Personnel and Development (CIPD) said one in three US employers axed jobs in the final three months of 2008, similar to the number of firms in the UK planning cuts in the first quarter of 2009.

Research in the US suggestss slightly fewer jobs will be lost in the first three months of 2009, which might indicate that the worst of the losses in this country could be over by Easter, said the report.

CIPD policy adviser Gerwyn Davies said: "Our comparison of the US and UK studies highlights a marked degree of transatlantic trauma affecting the jobs market.

"In proportionate terms the 2.6 million jobs lost to the US economy in 2008 is in line with the CIPD's expectation that the UK economy will shed at least 600,000 in 2009.

"Judging by the similarity of experience in both countries there is clearly some way to go before the jobs fallout from the recession comes to an end in either country.

"It seems a foregone conclusion that the news on jobs will get worse before it gets better."