More than 1,200 people are being made redundant every day in the UK at the moment.
Unemployment is expected to hit two million by Christmas, according to The Independent.
And the construction industry is among the worst effected.
More than 235,000 people have lost their jobs since August, with The Times reporting the vast majority of cuts coming in financial services and property and construction.
With UK housing sales at record lows it is no secret house builders are suffering.
Construction News reported how Taylor Wimpey has now shed a third of its workforce this year, with Persimmon axing 36 per cent and Redrow 40 per cent. And who would bet against further losses.
But if this festive season is expected to bring its woes, next year is forecast to be a bloodbath.
Huge culls will rip through service sector work forces taking the jobless total past the three million mark by next Christmas.
The Telegraph ran a story saying unemployment will top the previous high of 3.278 million recorded by the Government in 1984.
And BT gave an indication of what might be to come when they announced 10,000 job cuts yesterday.
Indeed, not since the Iron Lady decimated the coal industry in the early 1980s have we seen companies shedding such huge numbers of staff in one foul swoop.