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.
Friday, December 5, 2008
"The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend.
"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But now is the time to respond with urgent resolve to put people back to work and get our economy moving again. At the same time, this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil, and making an early down payment on the long-term reforms that will grow and strengthen our economy for all Americans for years to come," said President-elect Obama.