deepak pace
DJ_DEE
Skittish US employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 per cent, dramatic proof the country is careening deeper into recession.
The new figures, released by the Labor Department on 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 per cent in October to 6.7 per cent last month, a 15-year high.
Job losses were widespread, hitting factories, construction compaines, financial firms, retailers, leisure and hospitality, and others industries. The few places where gains were logged included the government, education and health services.
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 per cent rate they were expecting. Taken together, though, the employment picture was dismal.
The new figures, released by the Labor Department on 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 per cent in October to 6.7 per cent last month, a 15-year high.
Job losses were widespread, hitting factories, construction compaines, financial firms, retailers, leisure and hospitality, and others industries. The few places where gains were logged included the government, education and health services.
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 per cent rate they were expecting. Taken together, though, the employment picture was dismal.
