7/6/2010

The next big setback for the U.S. job market might come as layoffs by state and local governments, under pressure to slash their payroll to narrow their budget deficit. As many as 400,000 workers could lose their jobs during the next year, said Mark Zandi, chief economist for Moody's Economy.com. Together, states are confronting a $140 billion budget shortfall for fiscal 2011.

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