According to a report released today by the Bureau of Labor Statistics, 533,000 Americans lost their jobs in November, catapulting the unemployment rate to 6.7 percent--the highest in 15 years, according to the Wall Street Journal. The latest statistics mark a significant uptick in job losses, from 320,000 pink slips in October. And they signal no end in sight from a recession that began a year ago. From the bureau's report:
Since the start of the recession in December 2007, as recently announced by the National Bureau of Economic Research, the number of unemployed persons increased by 2.7 million, and the unemployment rate rose by 1.7 percentage points.
The New York Times notes that the November decline was the largest one-month loss since 1974. Service workers were hit hardest:
70 percent of the job loss was in the service sector, particularly in retailing, temporary work and hotel and restaurant employment. Indeed, the only sectors adding jobs in November were health care and education.
Looking for a silver lining? There is none. After 12 straight months, the economic downturn is on its way to becoming the longest recession since the Great Depression. (The Times notes that the previous record was 16 months, set during the mid-70s and early-80s.)
UPDATE: We found the silver lining. H/t NPR.