Posted by Bossip Staff
The government reported the economy lost over a half a million jobs last month, the worse month in over 30 years:
Check out the staggering statistics and predictions for the future…
The U.S. recession deepened last month as U.S. companies shed jobs at the fastest rate since the early 1970s, pushing the unemployment rate to its highest level in 15 years.
The figures suggest the year-old recession will approach or even exceed the 1981-1982 downturn in severity and support expectations that Federal Reserve officials will soon lower interest rates to levels not seen in a half century.
Nonfarm payrolls, which are calculated by a survey of establishments, plunged a larger-than-expected 533,000 in November, the U.S. Labor Department said Friday, the 11th-straight decline and largest since December 1974. The economy has lost more than 1.2 million jobs in the last three months alone following big revisions to September and October that showed even steeper job cuts than first
SMH. Lord Help Us All.