November Job Losses: 533,000

New York Times:

The nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the Bureau of Labor Statistics reported Friday. Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month, and the current recession appears to be just gathering steam. [...]

The unemployment rate rose to 6.7 percent, up just two-tenths of a percentage point from October, but six-tenths over the last three months. More significantly, the unemployment rate does not include all those too discouraged to look for work any longer or those working fewer hours than they would like. That “underutilization” rate, as the bureau calls it, rose to a record 12.5 percent in November, up 1.5 percentage points since September.

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crisdecuba on December 8, 2008 at 07:06 AM

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