Unemployment Rises Sharply in November

by on December 8, 2008

New statistics from the U.S. Department of Labor show 533,000 jobs were lost in November. The unemployment rate rose from 6.5% to 6.7%. Most economists opine that unemployment will continue to rise until the economy begins to turn around, which could be well into next year, or even not until 2010. Further, recnet headlines like Citigroup’s plan to lay off more than 50,000 workers will only add to the total. In the process, decreased consumer confidence only exacerbates the economic downturn.

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