Money Beat
From Your Wallet to Wall Street: The Money News That Matters to You From the ABC News Business Team
RECENT POSTS
- Wall Street Ends Week Strong
- Oprah Offers KFC Coupon, Internet Abuzz
- Just How Much Bailout Money Is Left?
- GM Boss Wagoner to Resign, Source Says
- Liddy: AIG Name 'So Thoroughly Disgraced' It'll Have to Change
- O'Neill's Prescription for the Financial System
- Former AIG CEO Greenberg Defends Reputation
- Betting on Geithner’s Future
- Govt. Free Credit Reports Hit YouTube
- AIG: The Mother of All Bailouts
MONTHLY ARCHIVES
« Previous | Main | Next »
Massive Layoffs Continue: 533,000 Jobs Lost in November
December 05, 2008 8:49 AM
ABC News’ Scott Mayerowitz reports: The American economy was dealt another brutal blow this morning when the government announced that a startling 553,000 jobs were cut in November.
The number was much worse than Wall Street analysts had predicted. It was the largest monthly decline since December 1974 and shows just how long and bad this recession is becoming.
Since the start of the year American employers have shed 1.8 million jobs.
The stock market was poised to open lower after this worse-than-expected news.
The unemployment rate also shot up from 6.5 percent to 6.7 percent, the Labor Department said. It is the highest unemployment rate the country has seen since October 1993.
As the recession deepens and consumers and companies cut back their spending, American businesses are slashing jobs to try to remain profitable. Just about every day, another company announces a big round of layoffs. The latest came yesterday when AT&T said it was eliminating 12,000 jobs, about 4 percent of its work force.
The jobs losses have been very widespread with just about every industry affected. Large layoffs have been seen in manufacturing, construction, financial firms, retailers, travel and leisure and hospitality. Health care remains one of the few fields where jobs are holding their own, if not growing.
December 5, 2008 | Permalink | User Comments (49)
You can follow this conversation by subscribing to the comment feed for this post.
you poor, ignorant americans ... this forum just proves beyond any doubt that you have what you deserve. your b.o. your deliver some more of the bad medicine you need. enjoy the nightmare that is coming your way. the best thing of all this is that, with most americans falling into poverty and/or maxing out their credit, you will stop coming to our countries as tourist trash.
Posted by: congrats | Dec 5, 2008 10:46:51 AM
All the more reason to work for yourself if you possibly can.
Posted by: keredte | Dec 5, 2008 10:49:46 AM
George W. Bush: Worst President Ever!
He should do the country a massive favor by resigning immediately (he's doing nothing anyway) and then never show his face again. Just disappear.
Posted by: Chumley | Dec 5, 2008 10:53:22 AM
Good grief, Im starting to see that more and more people are blaming the DEMs or the GOP instead of just blaming government! Whats wrong GOP supporters, cant see any fault in your precious party? Same with the democrats..cant see anyhting wrong with congress? What happened to us just hating the government all together? It seems we've done a classic turn on ourselves in a time we should be coming together! No I didnt vote Nader either. People need to get over the election and get on with it!
Posted by: North Park | Dec 5, 2008 10:53:56 AM
We have to revolt and get a complete new CONgress. Or we can all kissyourmiddleclassassgoodbye.us
Posted by: Dave | Dec 5, 2008 10:54:36 AM
The NAZI Fascist Bush Crime Regime
The Republican NAZI Fascist Party Supporter
Can Not get it Through Their Heads
The WHOLE World Knows
The Republican NAZI Fascist Party
They Have Been - EXPOSED - For WHO they Really Are and
WHAT they Really Are ! ! !
EMISSARIES of That -
That is :
THE DESTROYER - of - WORLDS
JOB DESTROYERS __ WAGE PACKAGE DESTROYERS
WORKING MIDDLE CLASS AMERICA DESTROYERS
FAMILY UNIT DESTROYERS __ HOME OWNERSHIP DESTROYERS
ECONOMY DESTROYERS __ CREDIT DESTROYERS
DEMOCRACY DESTROYERS __ CIVIL RIGHTS DESTROYERS
WORLD PEACE DESTROYERS __ BANK DESTROYERS
INVESTMENT DESTROYERS
UNITED STATES SOVEREIGNTY DESTROYERS
UNITED STATES INDEPENDENCE DESTROYERS
WORLD ECONOMY DESTROYERS
WORLD RELIGION DESTROYERS
ECONOMIC STRIFE That is Being used as a Weapon to :
ELIMINATE a DEMOCRACY and REPLACE IT With :
The Totalitarian Dictatorship of : A NAZI FASCIST RULE
Against : The Populace of the United States and
The rest of The World
Any Corporation or POLITICAL INFLUENCE __ That has Supported and Assisted in :
The Achievement of : PURPOSELY and INTENTIONALLY
DESTROYING : The DEMOCRATIC INFRASTRUCTURE and
The ECONOMIC INFRASTRUCTURE of The United States is an :
Act of TREASON
The Republican NAZI Fascist Party Supporter - Representatives of :
The Peak and Pinnacle of : WICKEDNESS - IMMORALITY and Everything
That is - EVIL - In The World
Posted by: lastdance430 | Dec 5, 2008 10:56:28 AM
thank you Steve and Greg!
Posted by: North Park | Dec 5, 2008 10:56:54 AM
lastdance is playing too much world of warcraft. haha
Posted by: North Park | Dec 5, 2008 10:57:46 AM
The real problem is with worker compensation. The few at the top are way over compensated and the many at the bottom are barely getting enough to get by on. This "trickle down" attitude is the main contributor to our economic woes. One man/woman or family for that matter can only own so many homes, cars, planes and etc, before they run out of stuff they want or need to buy. Then all that money they are making begins to pile up in the banks and as they say the rich get richer. We need to rethink how we pay our workers so that the money gets circulated more efficiently in this consumer driven economy.
Posted by: Sam | Dec 5, 2008 11:01:36 AM
To Nancy Miller, One who knows his ass from a hole in the wall will not appear in black skin!
Posted by: SureEnough08 | Dec 5, 2008 11:01:46 AM
That is nothing compared to what will happen if a bail-out of the "Big 3" is not provided. People have no idea of the repercussions to not only the auto industry, but of the domino effect that will occur in businesses throughout the country.
Posted by: Bob A. | Dec 5, 2008 11:07:16 AM
Yup, gotta love it. Democrats were busy lynching the Bush Administration these past 4 years letting our economy go down the crapper! And I am now seeing that the Democrats are beginning to see the real picture of what is going on in the world (now that they have been briefed). They are retracting some of their pledges.....oh how interesting this is....how interesting. Just curious to see how Hillary will be doing - watching her hubby go after the interns...once again. Kinda scarey thinking about her and her anger in the position she now holds.....LOL.
Posted by: Gotta Luv it! | Dec 5, 2008 11:09:48 AM
Nothing surprising to me that the Unemployment jumped that high. I have been out of work for nearly 16 months and things are only getting worse as it goes along. After my last 7 weeks of EUC Benefits I will end up on welfare. God Bless America!
Posted by: Anna Marie | Dec 5, 2008 11:13:01 AM
***** Other Way ****** Tourist trash? Why don't you tell us what country you are representing? America has been bailing out countries like yours for too long. Without our money - your country would be having financial problems. And, we are not tourist trash - without our money where would your country be? Possibly your anger is not needed on this blog?
Posted by: Gotta Luv it: | Dec 5, 2008 11:18:48 AM
The whole of this "unemployment plague" is yet to play out. Within months the unemployment rate will be almost 15% and violent crime will rise to epic proportions. The American "standard of living" that includes a house, two cars, and 4 TVs is about to end.
Posted by: DobermanSpencer | Dec 5, 2008 11:33:13 AM
I am confused! I am married with 5 children including 30 year old twin sons (on their own), 12 & 10 year old sons and a 6 year old daughter with Autism.
I was raised without the "perks" in life other than loving parents and a loving family.
I finally found my "break" in life after opening my mortgage business in 2003. Due to extensive therapy needed for an Autistic child, all of my earnings and savings went to therapy and "survival" over the past 2 years.
We are struggling and have lost our home. Why are these "bail outs" being given to major companies when there are so many of us needing small financial assistance to make ends meet.
Posted by: Truly | Dec 5, 2008 11:35:50 AM
This recession will be especially acute because over the past twenty-five years we moved our manufacturing off-shore and became a service sector economy. The remedy begins with jobs. It's not a credit solution because we have an economic crisis of confidence. Credit can't fix that.
Posted by: Joe | Dec 5, 2008 11:38:18 AM
There goes the market ! Get Bush off the TV !
Posted by: Holy Dow | Dec 5, 2008 11:40:02 AM
God Bless America!
Posted by: JMDfromNJ | Dec 5, 2008 11:42:45 AM
Gotta Luv it - LOL..your a MORON. How did you come up with that from a name & a one liner ? Think before you type. Wow.
Posted by: Other Way | Dec 5, 2008 12:10:08 PM
I usually do not read the comments due to the emotionalism and foolish comments one would find in a bar, after a couple too many. Some comments are good and thought-provoking. The thought-provoking comments are certainly worth reading.
Unemployment rate increasing. I cannot believe anyone enjoys reading those numbers. News agencies are like anyone else meaning if a job can be accomplished the easy way then do it. The issue is those news reports are not doing the job. How many U.S. jobs were an exchange of an American employee for an overseas employee? Important information that would involve effort. Everyone knows many times it is not what you read but what you don't read. Each individual needs to put the effort into finding the answers to their questions. Please do not be a person who believes all what they read or listen to all what a politician says.
I am a hardcore democrat and the democratic congress has dropped the ball seriously. $700bil. bailout did not control CEO pay. I investigated the bill and due to lobbying of CEO's there are so many loopholes not a single CEO needs to be concerned. Why are banks investing money rather than working on the loans the bailout funds were intended to invest into? Because the bill that passed had language unrestricted to impose anything upon the banks. Otherwise the misuse of the funds we have alread seen, the government could insist upon the return of the funds with interest to be offered to a different lending institution. The language in the bill is simply not present. Read the bill yourself. I believe the passage of the bill was only a failed political ploy to increase consumer confidence.
Should President Bush be impeached? Let's see, breaking promises to the American people, lying and hiding information to Americans and Congress, torture, illegal holding "prisoners", wiretapping, reading e-mails. If I was President I would want to prove to the world the accusations are false, appoint a tough indipendent council. If the accusations above are true then the question is if a President who swore to support and enforce the Constitution is a criminal. A conclusion is not if a law was broken (I do not mean a law passed by Congress in violation of the Constitution that would not stand-up to the Supreme Court) then we need to ask if the President, administration, is above the law? The Nixon pardon told American a President is above the law. Every American want's to believe the law has the same force and effect on every American regardless of a position in society. How can American believe in anything if we cannot believe in our Constitution.
Posted by: Paul | Dec 5, 2008 12:33:00 PM
Ouch. That is a lot of jobs.
Posted by: Huh | Dec 5, 2008 2:22:30 PM
I don't think it takes a genius to see that if you want to stimulate the economy you don't give money to financial instutions that are going to do nothing but pay themselves with it first, give it to the average working taxpayers who are the ones that are going to pump that money back into the economy. The banks would still make money when these people catch up on their mortgages due to back interest and all late fees, the auto companies wouldn't need a bailout because their sales would go up and jobs would be created because there would be a demand for goods and services again. I'm not a politician, and am proud of that fact, because once you take an elected office it seems that the ability to think rationally flies out the window.
Posted by: dtjesus | Dec 6, 2008 10:52:13 AM
"My God, such as the economic crisis, looooook, handbags are not worth www.handbagsjobber.com" Excuse me, you, I see only good news would like to share.Merry Christmas everybody
Posted by: jack | Dec 14, 2008 10:59:00 AM
Post a comment