The recession is killing jobs at an alarming pace, with tens of thousands of new layoffs announced Monday by some of the biggest names in American business _ Pfizer, Caterpillar and Home Depot.
More pink slips, pay freezes and other hits are expected to slam workers in the months ahead as companies desperately look for ways to survive.
Looking ahead, economists predicted a net loss of at least 2 million jobs _ possibly more _ this year even if President Barack Obama's $825 billion package of increased government spending and tax cuts is enacted. Last year, the economy lost a net 2.6 million jobs, the most since 1945, though the labor force has grown significantly since then.
The unemployment rate, now at a 16-year high of 7.2 percent, could hit 10 percent or higher later this year or early next year, under some analysts' projections.
The mounting toll was visible Monday as roughly 40,000 more U.S. workers got the grim news.
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