The job market took another huge blow with 71,400 layoffs on Monday alone.
At least six major manufacturing and service companies cut thousands of jobs on what is now being called "Bloody Monday."
So far, 200,000 jobs have been lost this month, with nearly 2.6 million total job loss in 2008.
"It's all about the consumer, and the consumer's been hit hard," said economist Robert Brusca. "It's a vicious circle as weakness begets layoffs, which beget more spending weakness."
Industry leaders Caterpillar, Pfizer, Sprint Nextel Corp., Home Depot, Texas Instruments, Dutch financial group and Deere & Co. were all hit in this week's job cuts.
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