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Worst US Job Losses In 34 Years

Posted By admin On December 5, 2008 @ 11:10 am In Money Watch | Comments Disabled

Friday, December 5, 2008

More than half a million US jobs were lost in November, sending the unemployment rate soaring to a 15-year high of 6.7%, official figures show.

It was the heaviest monthly toll for 34 years and much worse than forecast.

The US government said it was “very concerned” about unemployment and vowed to pursue “aggressive” remedies after 533,000 people lost their jobs last month.



The number was far higher than the 325,000 expected by analysts, with a Labor Department report blaming the struggling economy and tight credit.

The report, seen as one of the best indicators of economic momentum, also included a sharp upward revision in the number of job losses in the prior two months.

The October figure went from an estimate of 240,000 to 403,000 jobs, while September redundancies were revised up to 320,000 from 284,000.


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