LayoffBlog.com

December 5, 2008

Grim jobs data stokes fear around world

According to Reuters: “The U.S. economy hemorrhaged more than half a million jobs in November, data showed on Friday, sending stocks lower on both sides of the Atlantic and hammering currencies from Europe to Latin America.

Canada also absorbed more job losses last month than at any time since 1982, while Germany approved a stimulus package aimed at helping Europe’s biggest economy weather what some fear may be its worst recession since World War II.

The biggest blow, though, came from the United States, where employers last month axed 533,000 jobs, the most for any month since 1974 and nearly 200,000 more than economists expected. The jobless rate hit 6.7 percent, the highest since 1993.”

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