Employers cut 533K jobs in November, most in 34 years

By: Associated Press
By: Associated Press

December 5, 2008

WASHINGTON (AP) --The government says employers axed 533,000 jobs in November, the most in 34 years, and the unemployment rate rose to 6.7 percent.

It was dramatic proof the country is careening ever deeper into recession.

The Labor Department's report shows the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

The jobless rate rose from 6.5 percent in October to 6.7 percent, a 15-year high.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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