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Unemployment Rates Continue to Rise Dramatically
It wasn't too long ago when it would take a year to lose a half-million jobs. Now, it's happening in just a month.
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 companies, financial firms, retailers, leisure and hospitality, and others industries.
The 533,000 number is the worst in a single month since December 1974.
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