Employers cut 533K jobs in Nov., most in 34 years

[ProSense]

Employers cut 533K jobs in Nov., most in 34 years

By JEANNINE AVERSA, AP Economics Writer

WASHINGTON – Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

As companies throttled back hiring, the unemployment rate bolted from 6.5 percent in October to 6.7 percent last month, a 15-year high.

"These numbers are shocking," said economist Joel Naroff, president of Naroff Economics Advisors. "Companies are sharply reacting to the economy's problems and slashing costs. They are not trying to ride it out."

The unemployment rate would have moved even higher if not for the exodus of 422,000 people from the work force. Economists thought many of those people probably abandoned their job searches out of sheer frustration. In November 2007, the jobless rate was at 4.7 percent.

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[polichick]

1. I feel sick thinking about all the families that are hurting...

These really are tough times for America. Maybe we'll learn to do things differently, but it's hard to imagine in a country of addicts.

[Blue_Tires]

2. mine was one of them that month.....

although it was the state and not a company...

[ProSense]

3. 1,250,000 jobs lost in 3 months!

1,250,000 jobs lost in 3 months!

by New Deal democrat
Fri Dec 05, 2008

The November payrolls number just came out, blowing away almost all estimates at a loss of 533,000 jobs in one month! The services sector, which had been holding up until only a couple of months ago, shed over half of those jobs.

September was also revised down to 403,000 job losses, and October was revised to 320,000 job losses, for a total of job losses in just 3 months of 1,250,000 jobs!

Job losses were the worst one month number since the depths of the (awful) 1974 oil-shock recession. Comparisons to the 1982 recession/depression are also being made.

The economy is in free-fall.

CNBC story, with updates, below in text.

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[Mass]

4. Kick. Not that I like the news, but it is both sickening and important.

[ProSense]

5. Bureau of Labor Statistics: This is ‘one of the worst jobs reports’ ever

Bureau of Labor Statistics: This is ‘one of the worst jobs reports’ ever