US employers axed 533,000 jobs in November, the biggest monthly cut since 1974, the US Labor Department said. In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October. Since these latest numbers were compiled, further jobs losses have been announced, including big cuts at AT&T. Recent figures have fuelled fears that the world's biggest economy is set for a deep, long downturn. Reacting to the unemployment data, US President-elect Barack Obama said: "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."Saturday, December 6, 2008
US jobless queue lengthens
US employers axed 533,000 jobs in November, the biggest monthly cut since 1974, the US Labor Department said. In a dramatic indication of the worsening economic situation, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October. Since these latest numbers were compiled, further jobs losses have been announced, including big cuts at AT&T. Recent figures have fuelled fears that the world's biggest economy is set for a deep, long downturn. Reacting to the unemployment data, US President-elect Barack Obama said: "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."
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