The nation's unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers. The Labor Department's report, released Friday, underscored the grim toll the deepening recession is having on workers and companies. And it highlights the difficulty President-elect Barack Obama faces in resuscitating the flat-lined economy. This year has gotten off to a rough start with a flurry of big corporate layoffs, pointing to another year of hefty job reductions. For all of 2008, the economy lost a net total of 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost. Though the U.S. labor force has more than tripled since then, losses of this magnitude are still being painfully... [read full story]
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The nationwide unemployment rate bolted to 7.2 percent in December, highest in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.
US employers shed a massive 524,000 jobs in December, pushing unemployment to a 16-year high of 7.2 percent, according to data Friday suggesting the worst recession in decades may be deepening. It was the 13th consecutive month...
Job seekers wait in line to speak with agents at Michigan's Unemployment Insurance Agency Problem Resolution office in Livonia, Michigan, U.S. The U.S. lost more jobs in 2008 than in any year since 1945 as employers fired...
"The message in the decline in hours worked to a record low is that more big job losses are coming," said Mark Zandi, chief economist of Moody's Economy.com, a forecaster in West Chester, Pa. "Employers first cut their...
The nation's unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.
Obama says the 16-year high in unemployment is "a stark reminder" that immediate government action is needed. By Jeannine Aversa The Associated Press WASHINGTON — A staggering 2.6 million jobs disappeared in 2008, the most...
WASHINGTON -- The nation's unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for workers.
The job losses -- November and December marked the first time in the 70-year history of the jobs report that the American economy lost more than half a million jobs in two consecutive months. President-elect Barack Obama said...
Firms Cut Jobs As Well as Hours Jobless Rate Jumps to 7.2 Percent in December The nation's unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs. The labor...
The nationwide unemployment rate bolted to 7.2 percent in December, highest in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.
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