"We're watching a train wreck in slow motion, and it's very difficult for us who have to watch, but that's occurring," said Charles W. McMillion, chief economist for MBG Information Services in Washington.
Maryland's jobless rate climbed to a 12-year high of 5.3 percent in November. A report on Maryland's jobless rate for December, which is expected to edge higher, will be released today.
Thousands of laid-off workers across the country are starting to exhaust their unemployment benefits, including two extensions funded by the federal government. Benefits are normally limited to 26 weeks.
In Maryland, unemployment benefits were extended by 13 weeks in July and seven more weeks in November. About 3,000 people here have received their last check under the two extensions, Wendel said, noting the number of unemployed workers exhausting their benefits will likely climb in the coming weeks.
At Home Depot's Expo in Columbia, employees and customers were dismayed by yesterday's announcement. The largest building in a relatively new shopping center just off Route 175, the Expo store sits next to a recently closed Mammoth Golf store. Less than two miles away, a Filene's Basement is also set to close by the end of February.
Manager Joe Dito said workers were told not to speak to the news media. Several workers agreed to be interviewed but would not give their names.
"I'm just really sad and depressed," said a female worker, who was outside on a smoke break. The mother of two said her salary pays for her children's sports and entertainment activities, and savings for college.
"This is money we need to pay our bills," she said. The closing announcement came in a conference call yesterday morning, she said.
Another worker said Home Depot "is a very good company to work for."
Customers entering the store were disappointed it would close.
Paulette McMillan, 53, of Columbia said she only comes to the store occasionally but that she has bought things she couldn't find elsewhere.
"I hate to see it happen in general," she said. "It's just really sad."
Baltimore Sun reporter Larry Carson and Bloomberg News contributed to this article.
ECONOMY IN DISTRESS
U.S. employers are planning to cut alomst 60,000 jobs. Here are a handful of companies and how they're dealing with the economic downturn.
