With recession now confirmed, analysts are beginning to mumble the “d” word. Hint: it rhymes with recession.
The news continues to get worse after the government finally put the “official” stamp on the current recession. The Labor Department has announced that 533,000 jobs were lost in November, the biggest monthly cut in 34 years—with analysts fearing that the 11-month trend of increasing job losses will deepen even further.
US employers axed 533,000 jobs in November, the biggest monthly cut in 34 years, the US Labor Department said.
In a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.
Since these latest figures were compiled, further jobs losses have been announced, including big cuts at AT&T.
Recent weak economic data has fuelled fears that the world’s biggest economy is set for a deep, long downturn.