December 22, 2008 9:05 AM

2009 just as bad as 2008?
Posted by Jesse Nunesat 9:05 AM

This article originally appeared in the Globe's Business News Updates blog.

By Chris Reidy, Globe Staff

The US economy is likely to shed another 1 million jobs in 2009 as employers continue to adjust payrolls in light of weak consumer and corporate spending, according to an estimate released today by Challenger, Gray & Christmas Inc., a global outplacement consultancy headquartered in Chicago.

In 2008, year-to-date job cut announcements are already in excess of 1 million and are expected to close the year at a five-year high, the firm noted.

The US economy will continue to lose jobs despite planned job-creation initiatives by the new Obama administration, the firm said.

“It will take time for any stimulus measures to work their way through the economy," John A. Challenger, chief executive of Challenger, Gray & Christmas, said in a statement. "Even if the measures work, it could take several more months for consumers and corporate America to regain confidence and begin spending again.”