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December 05, 2008

Ugly Job Loss Numbers

Once again people are shocked that the business cycle hasn't been outlawed. Combine that with a financial sector meltdown and this is what you get.

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. The net loss of more than a half-million jobs was far worse than analysts expected.

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 said many of those people probably abandoned their job searches out of sheer frustration. In November 2007, the jobless rate was at 4.7 percent.

I'm not buying into the whole 'this is the second Great Depression' stuff but it's clearly going to be a tough couple of months or more.


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posted by DrewM. at 12:48 PM

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