November: Biggest job loss in 34 years

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November: Biggest job loss in 34 years
« Thread Started on Dec 5, 2008, 7:05pm »

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November: Biggest job loss in 34 years
Posted: 09:29 AM ET
NEW YORK (CNNMoney.com) — The economy shed 533,000 jobs in November — the largest monthly job loss since December 1974, according to a Labor Department report released Friday.
This year’s total job losses now stand at 1.9 million.

According to the report, the unemployment rate rose to 6.7 percent in November, up from 6.5 percent in October, but that is lower than economists’ forecast of 6.8 percent. It is the highest unemployment rate since October 1993.

Payroll cuts in September were revised upward to 403,000, which means two-thirds of this year’s job losses have occurred in the last three months.