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Depression engulfing the U.S. economy deepened this month as employers slashed more jobs and manufacturing contracted at the fastest pace
Fred Day
Nov. 30, 2008
The US economy is moving deeper into depression. The depression engulfing the U.S. economy deepened this month as employers slashed more jobs and manufacturing contracted at the fastest pace.
Payrolls, according to market expectations., shrank by 330,000 workers in November, the biggest one-month drop since the 2001 terrorist attacks, .The jobless rate may have jumped to 6.9 percent, the highest level since 1993.
The 11th consecutive drop in payrolls would follow a 240,000 decline in October and bring the total number of jobs eliminated so far this year to 1.5 million. Factories probably reduced staff by 80,000 workers, according to the survey median.
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