Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

Ireland's missing babies cast light on dark history

Read more

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

IN THE PAPERS

The Sarkozy 'threat'

Read more

BUSINESS DAILY

Budget challenge for India's new government

Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • US prepared to negotiate Gaza ceasefire, Obama says

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

US unemployment rate highest in 15 years

©

Latest update : 2008-12-06

The US economy lost 533,000 jobs in November as the country's unemployment rate jumped to a 15-year high of 6.7 percent, the Labour Department announced. The number of jobs lost in one year had not been matched since the 1974 oil crisis.

Read the report from our special correspondent Ségolène Allemandou in Detroit: 'Getting unemployment benefits, a crusader's battle'

 

AFP - The US economy lost a stunning 533,000 jobs in November and the unemployment rate jumped to a 15-year high of 6.7 percent, the Labor Department said Friday.
   
The monthly report on nonfarm payrolls, seen as one of the best indicators of economic momentum, highlighted the severe retrenchment by companies in the face of a struggling economy and tight credit.
   
The number of job losses was much higher than the 325,000 expected by private forecasters.
   
The report also included a sharp upward revision in the number of job losses in the prior two months: October saw a loss of 403,000 jobs (up from an earlier estimate of 240,00) and September job losses were revised up to 320,000 from 284,000.
   
"There is no sugar-coating this data," analysts at Briefing.com. "It is bad news that will weigh heavily on consumer sentiment and will serve to increase concerns about the depth and length of the current slowdown."
   
Sophia Koropeckyj at Economy.com said that losses "were broad-based across both service-producing and goods-producing industries" and the worst single-month decline since 1974.
   
"The economy is in recession, and the severity will far surpass the depths of the last two recessions."
   
The jobless rate, based on a separate survey of households, was the highest since October 1993 but slightly better than the consensus estimate of economists of 6.8 percent.
   
The Labor Department noted that since the official onset of recession in December 2007, some 2.7 million jobs have been lost, and the unemployment rate rose by 1.7 percentage points.
   
In November, the report showed a loss of 85,000 jobs in manufacturing, bringing the total in the sector to 604,000 over the past 12 months, despite a return of 27,000 aerospace workers from strike.
   
Employment in the retail sector fell by 91,000, and the leisure and hospitality sector shed 76,000 jobs.
   
The troubled financial sector shed 32,000 jobs in month, bringing the 12-month total losses to 142,000.
   
The National Bureau of Economic Research (NBER), the panel recognized as the official arbiter of business cycles, said this week the US entered recession in December 2007.
   
Although a recession is generally defined as two consecutive quarters of declining activity, the panel has its own criteria for determining a downturn, including data on employment, income and industrial output.
 

Date created : 2008-12-05

Comments

COMMENT(S)