More than a half a million jobs were lost in the U.S. in November -- the worst monthly
cuts since 1974.
The Labor Department reported that employers cut 533,000 jobs in November, the most in
34 years and far more than experts had been predicting. The news guarantees that more
than 2 million jobs will have been eliminated by the time this year is over.
Along with the increase in lost jobs came the news that the nation's unemployment rate
rose to 6.7 percent last month -- to the highest reading since 1993 -- compared
with 6.5 percent in October.
Furthermore, with some adjustments made to the previous months, the total number of
jobs lost in 2008 is now at 1.9 million. (October's loss was revised to show a
cut of 320,000, originally given as a 240,000 loss, while September's drop was revised
to 403,000 from 284,000 -- making this three month period the third highest
three-month job loss total since World War II.)
In terms of specific losses in November, professional and business services lost 136,000
jobs, retailers cut 91,000 workers, manufacturing axed
85,000 jobs, the leisure and hospitality industries cut 76,000 jobs, construction cut
another 82,000 jobs, and financial services jobs lost 32,000 jobs.
Growth was only seen in government hiring, which has stayed strong throughout the downturn,
where another 7,000 jobs were added. Education and health services also grew payrolls, adding
52,000 employees.
Yes, the news is bad, and yes, it's amazing that politicians and economists are finally
calling this economy in recession -- when we have known this fact for many months based
on the job market and your stories of struggles, along with the real estate, home mortgage,
and financial services meltdowns.
Whether you are unemployed, underemployed, worried about losing your job, or simply
wanting a new job -- now is not the time to panic or give up in your search. Organizations
are still hiring. Now IS the time to double, triple, quadruple your job-search efforts,
focusing on productive activities such as networking and tracking down job leads -- not
wasting your time on the big job boards such as Monster or CareerBuilder. Besides
networking, focus on individual companies and specific industry niche sites. Make
certain your resume is top-notch and practice your interviewing skills so you're ready
when you get the chance.
Tools to help you today:
See also our article, Silver Linings in a Financial Meltdown:
How Workers and Job-Seekers Can Make the Best of a Bad Economy -- as well as our entire collection of
job-hunting in a weak economy series: Job-Hunting
During a Recession Articles for Job-Seekers.
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Other topical resources for job-seekers:
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