Money Beat
From Your Wallet to Wall Street: The Money News That Matters to You From the ABC News Business Team
RECENT POSTS
- Massive Layoffs Continue: 533,000 Jobs Lost in November
- Paulson's Piggy Bank Running Low
- Recession Hits One-Year Anniversary
- Skip Black Friday, Still Get Bargains
- The 'Citi That Never Sleeps' Has Good Reason Not To
- Four Weeks In, Billions Don't Restore Faith in Banks
- Wal-Mart Replaces Its CEO
- Relief at the Gas Pump ... But for How Long?
- Should You Still Believe in Buffett?
- Automakers Up Their Ante: Is $75B the New Price of an Auto Bailout?
MONTHLY ARCHIVES
Massive Layoffs Continue: 533,000 Jobs Lost in November
December 05, 2008 8:49 AM
ABC News’ Scott Mayerowitz reports: The American economy was dealt another brutal blow this morning when the government announced that a startling 553,000 jobs were cut in November.
The number was much worse than Wall Street analysts had predicted. It was the largest monthly decline since December 1974 and shows just how long and bad this recession is becoming.
Since the start of the year American employers have shed 1.8 million jobs.
The stock market was poised to open lower after this worse-than-expected news.
The unemployment rate also shot up from 6.5 percent to 6.7 percent, the Labor Department said. It is the highest unemployment rate the country has seen since October 1993.
As the recession deepens and consumers and companies cut back their spending, American businesses are slashing jobs to try to remain profitable. Just about every day, another company announces a big round of layoffs. The latest came yesterday when AT&T said it was eliminating 12,000 jobs, about 4 percent of its work force.
The jobs losses have been very widespread with just about every industry affected. Large layoffs have been seen in manufacturing, construction, financial firms, retailers, travel and leisure and hospitality. Health care remains one of the few fields where jobs are holding their own, if not growing.
December 5, 2008 | Permalink | User Comments (2)
TrackBack URL for this entry:
http://www.typepad.com/t/trackback/433071/36644592
Listed below are links to weblogs that reference Massive Layoffs Continue: 533,000 Jobs Lost in November:
Holy crap!
Posted by: Greg | Dec 5, 2008 9:09:01 AM
How much of this is really news versus confirmation in cold hard numbers of what we suspected was happening already. Is there a surprise?
Posted by: Mr. Coffee | Dec 5, 2008 9:09:56 AM
Post a comment