US Economy Loses 500,000 Jobs in November

A record month in terms of unemployment added an additional 533,000 US layoffs to the unemployment lines in November. This is the worst month for the economy in terms of job losses since 1974. But it won't get any better for a while as economists expect the country to lose at least 2 million jobs by the end of 2008. Even the Denier in Chief, President George W. Bush had to admit recently that the National Bureau of Economic Research was correct that the U.S. entered recession in December, 2007.

The following summary of the economic slump is from CNN Money:

The economy has shed jobs in every month so far in 2008, bringing the total loss through November to 1.9 million.

The loss of jobs in November was particulary harsh, with a decline of 533,000. With the economy in recession, there is likely more bad news to come. And the unemployment rate, currently at 6.7%, could easily top 7%, if not higher.

President-elect Barack Obama has proposed a plan to create 2.5 million jobs through spending on roads, bridges and other infrastructure projects.

Even so, businesses are likely to remain cautious when it comes to hiring in the coming months.