Home / International / News Tools: Save | Print | E-mail | Most Read | Comment
US sees worst job losses in 34 years
Adjust font size:



(Please wait for a few seconds. If you still cannot watch it, please download the flashplayer.)

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.

The US tipped into recession last December, a panel of experts declared earlier this week, confirming what many Americans already thought. Since the start of the recession, the economy has lost 1.9 million jobs, the number of unemployed people increased by 2.7 million and the jobless rate rose by 1.7 percentage points.

Job losses last month were widespread, hitting factories, construction companies, financial firms, retailers, leisure and hospitality, and others industries. The few places where gains were logged included the government, education and health services.

1   2    


Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
Most popular >>
2009 Paris Fashion Week
Snow, cold weather grip China [Video]
Having fun in Harbin: Ice and Snow fest underway Having fun in Harbin: Ice and Snow fest underway
Feng's new movie If You Are The One hits big screen Sexy Hsu Chi's movie - If You Are The One
China to prevent bird flu after teenager dies
Recommended >>
China's 1st escort mission off Somalia
2009 Paris Fashion Week
Wedding in Xi'an recalls traditional art
Having fun in Harbin: Ice and Snow fest underway Having fun in Harbin: Ice and Snow fest underway
Lang Lang's concert welcomes New Year

Product Directory
China Search
Country Search
Hot Buys