Even Worse

Economists were expecting the economy to shed 320,000 jobs in November. The bad news is that it actually shed 533,000.

WASHINGTON -- Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.

The new figures, released by the Labor Department 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 percent in October to 6.7 percent 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.

With this many people competing for what few jobs there are to be had there is going to be a lot of downward pressure on wages which will not be good for those of us in the market for a new job. Damn! Thanks Shrub.