US employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years, government data showed, as the recession inflicted a mounting toll on the US labor market.
The Labor Department said the unemployment rate rose to 6.7 percent last month in the highest reading since 1993, compared with 6.5 percent in October, after widespread losses across the country's major industry sectors.
November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.
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