The Washington Post is reporting job losses of 533,000 in November, affecting construction, computer makers, auto dealers, clothing stores, banks and insurance companies. Here's a snippet from the story:
"The new job losses pushed the unemployment rate from 6.5 percent to 6.7 percent, the highest rate since the recession of the early 1990s. The figure was tempered by the fact that 422,000 workers left the labor market, many of them discouraged by their inability to find a job. The unemployment rate only includes people actively looking for work.
In addition to those without work, the Labor Department reported that some 7.3 million were working part time because they could not find or had lost a full time job, a figure that has increased more than 60 percent in the last year.
"It is bad news. No matter how you look at it is really, really bad news," former Treasury Secretary John Snow said this morning on the CNBC cable television network.
Some 2.7 million jobs now have been eliminated since the economy moved into recession a year ago -- nearly 1.3 million of them in the last three months, following Labor Department revisions that showed even steeper employment losses in September and October than initially reported.
Currently more than 10.3 million people are out of work, the Labor Department said."
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- 142056
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Reuters reported it as the worst job loss since 1974. WASHINGTON (Reuters) - U.S. employers axed 533,000 jobs from payrolls in November, the most in 34 years, as the year-old recession hammered the economy and hardened calls for dramatic government action to restore growth.
- Author
- Todd Stauffer
- Date
- 2008-12-05T15:47:35-06:00
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