econ-journal33

econ-journal33 - last three months. More than 420,000 men...

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Duc Hoang – ECON210 Journals NY Times U.S. Loses 533,000 Jobs in Biggest Drop Since 1974  By  LOUIS UCHITELLE EDMUND L. ANDREWS  and  STEPHEN LABATON Published: December 5, 2008   The government’s report of a giant job loss in November shows the biggest monthly decline in  a generation. The nation’s employers cut 533,000 jobs in November, the   Bureau of Labor   Statistics   reported Friday. Not since December 1974, toward the end of a severe recession,  have so many jobs disappeared in a single month — and the current recession, far from ending,  appears to be just gathering steam. The statistics also show that the unemployment rate rose to  6.7 percent, up just two-tenths of a percentage point from October, but up six-tenths over the 
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Unformatted text preview: last three months. More than 420,000 men and women who had been working or seeking work in October left the labor force in November. More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 percent in November, up 1.5 percentage points since September. US leaders are again struggling with unemployment when recession is already a hard problem to solve....
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