Job cuts in November are highest in 34 years

job cutsby Jay Keller

Washington, DC (RushPRnews)12/05/08-New figures from the Labor Department show a much sharper worsening of employment conditions than economists expected. The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting. The rise in the unemployment rate, however, wasn’t as steep as the 6.8 percent rate they were expecting. Taken together, though, the employment picture was dismal.

“Today’s report underscores the urgent need to stabilize financial markets, ensure access to credit and create a positive environment for job creation,” Secretary of Labor Elaine L. Chao said in a statement.

The elimination of nonfarm jobs in November proved to be , the most in one month since the mid-1970s and figures for the prior two months were revised upward by 199,000. The unemployment rate would have been even higher if large numbers of discouraged workers had not given up looking for work, according to the New York Times.

Source: News Headlines Examiner