The article goes on to say that a potential bankrupcy at one of the big 3 automakers could add more fuel to the job loss fire and that deflation is the real threat for now.
clipped from
The country lost another 663 thousand jobs in March, and our payroll model provides no sign of any relief from this severe downtrend within the next six months. Assuming a 0.5% annual growth rate in the labor force, the unemployment rate should top 11% by the fall, higher than the previous peak reached at the height of the 1982 recession.
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