Payrolls plunge in November - 530,000 jobs lost

Employers in the US cut jobs at the fatest rate in 34 years last month, bringing the unemployment rate to a 15-year high.

Payrolls shrank by 533,000 workers in November, the biggest loss since December 1974 and significantly worse than economists had forecast, according to figures released by the Labor Department. Economists were expecting a decline of 335,000 jobs, according to a Bloomberg survey.

The numbers for October were also revised, bringing jobs cuts for that month to 320,000 versus a previously reported 240,000.

The jobless rate rose to 6.7 per cent, the highest level since 1993, and is likely to keep rising as corporate America continues to shed jobs.

http://ftalphaville.ft.com/blog/2008/12/05/50102/payrolls-plunge-in-november-530000-jobs-lost/