Roubini paints grim picture on jobs

Remember: The last recession ended in November 2001, but job losses continued for more than a year-and-a-half until June of 2003; ditto for the 1990-91 recession," Roubini wrote in a recent newspaper article, Moneynews.com reported Friday.

U.S. job losses -- about 200,000 per month recently -- have improved since January when job losses topped 700,000. Nevertheless, the current average loss is higher than the average monthly job loss in the last recession, which was 150,000 per month, he said.

On top of 7.5 million jobs erased in the recession, those who are still working have had enough hours cut to equal 3 million more full-time jobs lost, he said.

"This is very bad news but we must face facts. Many of the lost jobs are gone forever, including construction jobs, finance jobs and manufacturing jobs," Roubini wrote.

Copyright 2009 by United Press International.