Friday, December 5, 2008


The jobless figure reached 6.7 percent last month, up from 6.5 percent in October. More than half a million—533,000—were made unemployed during November. It's only the fourth time in the past 58 years that payrolls have fallen by more than 500,000 in a month. “The figures suggest the year-long U.S. recession may approach or even exceed the 1981-1982 downturn in severity, and support expectations that Federal Reserve officials will soon lower interest rates to levels not seen in a half century,” reports the Wall Street Journal. When marginally attached and involuntary part-time workers are included, the rate of unemployed or underemployed workers reached even higher: 12.5% last month, up 0.7 percentage point from October.

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