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http://uk.news.yahoo.com/5/20081205/twl-worst-us-job-losses-in-34-years-3fd0ae9.html
Worst US Job Losses In 34 Years
More than half a million US jobs were lost in November, sending the unemployment rate soaring to a 15-year high of 6.7%, official figures show.
It was the heaviest monthly toll for 34 years and much worse than forecast.
The US government said it was "very concerned" about unemployment and vowed to pursue "aggressive" remedies after 533,000 people lost their jobs last month.
The number was far higher than the 325,000 expected by analysts, with a Labor Department report blaming the struggling economy and tight credit.
The report, seen as one of the best indicators of economic momentum, also included a sharp upward revision in the number of job losses in the prior two months.
The October figure went from an estimate of 240,000 to 403,000 jobs, while September redundancies were revised up to 320,000 from 284,000.
"We're very concerned that the housing and credit problems are leading to significant job losses in the economy," White House spokeswoman Dana Perino said in a statement.
"We intend to continue our aggressive efforts to restore health to our credit and housing markets," she added.
President-elect Barack Obama said of the figures: "Each of those lost jobs represents a personal crisis for a family somewhere in America.
"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better.
"But now is the time to respond with urgent resolve to put people back to work and get our economy moving again."
The bad news in the US came as announcements of job cuts continued in the UK.
The administrator for Woolworths revealed that 450 positions were being axed from the failed retailer's support staff.
Meanwhile rail freight firm EWS is to reduce its workforce by 530.
Worst US Job Losses In 34 Years
More than half a million US jobs were lost in November, sending the unemployment rate soaring to a 15-year high of 6.7%, official figures show.
It was the heaviest monthly toll for 34 years and much worse than forecast.
The US government said it was "very concerned" about unemployment and vowed to pursue "aggressive" remedies after 533,000 people lost their jobs last month.
The number was far higher than the 325,000 expected by analysts, with a Labor Department report blaming the struggling economy and tight credit.
The report, seen as one of the best indicators of economic momentum, also included a sharp upward revision in the number of job losses in the prior two months.
The October figure went from an estimate of 240,000 to 403,000 jobs, while September redundancies were revised up to 320,000 from 284,000.
"We're very concerned that the housing and credit problems are leading to significant job losses in the economy," White House spokeswoman Dana Perino said in a statement.
"We intend to continue our aggressive efforts to restore health to our credit and housing markets," she added.
President-elect Barack Obama said of the figures: "Each of those lost jobs represents a personal crisis for a family somewhere in America.
"There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better.
"But now is the time to respond with urgent resolve to put people back to work and get our economy moving again."
The bad news in the US came as announcements of job cuts continued in the UK.
The administrator for Woolworths revealed that 450 positions were being axed from the failed retailer's support staff.
Meanwhile rail freight firm EWS is to reduce its workforce by 530.
