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533,000 US Jobs Axed In November: Biggest Cut In 34 Years.

December 5th, 2008 Leave a comment Go to comments

US employers axed 533,000 jobs in November, the biggest monthly cut since 1974, the US Labor Department said. Over half a million employees in one month. Things will only get worse.

December’s figures may be lower – as some more sensitive employers may have made a decision to let people go early and let the reality sink in before Christmas hits. Maybe not. January, February and March however will see huge job losses in the US. It would not be surprising at all if the record is beaten in any or all of those months.

The Dow Jones has been finding artificial resistance to stop it falling below 8,000 most probably supported by sovereign funds and central banks. However they can not keep throwing bad money after good. The DJI is still heading down and if the worst unemployment figures in 34 years do not convince you of how screwed up this situation is probably nothing will.

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