The government reported on Friday morning that 533,000 jobs were cut in the month of November, making it the biggest job-loss in 24 years. More than 600,000 jobs were lost in December of 1974.
The Labor Department reported that unemployment rose to 6.7 percent, which is the highest rate since 1993. October unemploment was 6.5 percent.The Labor Department also revised job-cut numbers from September and October, increasing the number of jobs lost by 120,000 and 80,000, respectively. It means that more than 1.25 million jobs have been cut over the last three months and more than 2 million in 2008.
The biggest job-cuts were in the professional and business sectors where 136,000 jobs were lost. Manufacturing dropped 85,000 jobs, and construction dropped 82,000 jobs.
More on this development can be found at The Washington Post.
Updated: Wed, Dec 10th 2008 @ 1:41pm EST