Job losses are at their worst levels in more than eight years - with even more layoffs ahead.
Challenger said companies will probably fire more than 1 million people this year if the current pace continues - breaking the previous all time high of 677,795 layoffs in 1998. More bad news on the job front is expected today in the Labor Department's new figures on jobs. The crucial employment numbers are expected to show that hiring slowed in April, with the unemployment rate at a two-year high of about 4.4 percent. Some investors think this could prompt the Federal Reserve to act more aggressively this moth in cutting interest rates. Pa. April's layoff bloodbath hit hardest in the telecommunications industry, with 26,464 layoffs, making it the biggest job-cutting industry of the year.