• The Hollywood Reporter, Thursday, January 8, 2009 9:30 AM

The media industry pink-slipped people at the highest rate since 2001 last year, while Corporate America has laid off the highest number of employees since 2003. Layoffs in the media industry, which includes film and TV companies, amounted to 28,083 last year, the highest since 43,420 staffers were let go in 2001 per consultancy Challenger, Gray & Christmas.

"Heavy job-cutting could continue through at least the first half of 2009," says Challenger CEO John Challenger. Overall, employers cut more than 1.22 million job in 2008, up 59% from the previous year. In 2003, more than 1.23 million workers had been fired.

Some good news: the economy could begin a comeback in the second half of the year if the new administration can quickly pass its proposed job-growth stimulus package. The possible rebound and a lack of over-hiring during the recent expansion "probably" means that layoffs this year won't be as high as those in the last recession, say Challenger researchers.

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