Study: Nearly 1 Million Jobs Have Been Lost Because of "Fiscal Cliff"

Friday, Oct. 26, 2012

With the "fiscal cliff" still two months away, the U.S. is already losing nearly 1 million jobs as employers lay off workers, delay purchases and leave vacant positions empty, according to a study by the National Association of Manufacturers. If Congress fails to head off spending cuts and tax hikes scheduled to take effect Jan. 1, nearly 6 million jobs will disappear through 2014 and the jobless rate will rise close to 12%, the study concluded.

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