Half a million jobs lost in November, worst in 34 years

Some analysts are now saying the U.S. economy is in a freefall.

Today, new figures from the Labor Department show job losses last month were much worse than forecast.
While the big three automakers are back on Capitol Hill again today- trying to shore up a rescue package to keep them in business.
For many, the numbers were staggering, 533,000 jobs lost in November- much worse than the 340,000 expected.

Skittish employers slashing payrolls in the face of the now, year long recession.

It is the most jobs cut since December 1974.

Market reaction was fast, stocks, oil, and the dollar tumbling. 

President Bush was also quick to react.

“As we work to address the problems of this economy, we’ve extended unemployment we’ve worked to extend unemployment benefits who have lost jobs during this down turn,“ said the President.

As was president elect Barack Obama.

In a written statement calling for an economic recovery plan that will save or create 2.5 million jobs over two years.
While on Capitol Hill focus quickly moved to saving the struggling auto industry.

The big 3 CEOs back for another day.

This time, asking the house for the 34 billion they say they need to stay alive

“We believe this is least costly alternative considering depth of economic crisis we face,” said Chrysler Chairman Robert Nardelli.
 
Congress now faced with trying to find a way to keep Detroit running while putting the brakes on the economy’s fall.
And, more grim economic news.

The Mortgage Bankers Association now says, in September, a record one in ten American homeowners was at least a month behind on payments or already in foreclosure.