12/5/2008

U.S. employers cut 533,000 workers last month, according to a Department of Labor report released today. The job losses were the biggest since December 1974, and pushed the jobless rate up to 6.7%, its highest level since 1993. "The financial panic has hammered the economy and we are seeing a very broad-based decline in payrolls," said Ryan Sweet, a senior economist at Moody's Economy.com.

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