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U.S. companies cut 533,000 jobs in November
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The Labor Department today said U.S. employers cut 533,000 jobs in November. That's the most in any month since 1974.
The nation's unemployment rate rose to 6.7 percent, the highest since 1993 - and up from 4.7 percent in November 2007.
These numbers are shocking. Companies are sharply reacting to the economy's problems and slashing costs. They are not trying to ride it out." - Joel Naroff, president of Naroff Economics Advisors, in an Associated Press interview
It's worth noting that this recession still is not as bad as some previous downturns, particularly in terms of unemployment. The recession of 1981-82 saw the jobless rate hit 10.8 percent late in 1982.
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