Mark Zandi of Moodys Economy.com says businesses are "getting nervous and pulling back." Analysts expect the jobless rate to peak around six percent early next year. They say as many as two million people could lose their jobs in a recession that may have already begun.

Construction workers, real-estate agents and auto workers could be among those hardest hit. School and medical jobs should be safer.

Hiring is also expected to hold up in areas where people spend no matter how the economy is doing: places like grocery stores, gas stations and repair shops.

But because people may put off things like vacations, various segments of the tourism industry, including hotels and restaurants, could suffer.

AP