Job Losses Worst in 34 Years, Government Says

Washington, DC, Dec. 4, 2008--U.S. nonfarm payrolls contracted by a higher than anticipated 533,000 in November, the worst job loss in 34 years, the Labor Department reported Friday.

It's only the fourth time in the past 58 years that payrolls have fallen by more than 500,000 in a month. The unemployment rate rose from 6.5% in October to 6.7% in November, the highest jobless rate since October 1993.

Job losses were widespread across industries in November. Economists expected job losses of around 350,000 in November. They expected the unemployment rate to rise to 6.8%.