Job Losses: 533,000 in November

Employers cut record-breaking numbers of jobs across industries, from construction to finance to retail, according to this morning's Labor Dept. announcement

Recession winds are blowing with gale force as U.S. employers shed 533,000 jobs in November, pushing the unemployment rate to 6.7%. The Dec. 5 announcement by the Bureau of Labor Statistics provided yet more evidence that the economy is losing jobs at the fastest pace in more than three decades. "It's very clear that the U.S. is in a pretty deep recession. There really aren't any safe harbors in this storm," says Adam York, an economic analyst at Wachovia (WB) in North Carolina.

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