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US unemployment at 15-year high US job losses reach 35-year high
(20 minutes later)
The US jobless rate rose to 6.7% in November from 6.5% in October - a 15 year high - official figures show. US employers axed 533,000 jobs in November, the biggest monthly cut in 35 years, US Labor Department has said.
According to US Labour Department figures, employers cut 533,000 jobs last month, the 11th month in a row that the economy has lost jobs. In a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7% from 6.5% in October.
The figure does not take into account huge job cuts announced this week by several big firms, including AT&T. Since thee latest figures were compiled, further jobs have been lost including big cuts at AT&T.
The recent string of weak economic data fuelled fears the biggest economy was set for a deep and long downturn. Weak economic data has fuelled fears that the world's biggest economy is set for a deep, long downturn.
The National Bureau of Economic Research has said this week that the US entered a recession in December 2007. The National Bureau of Economic Research said this week that the US entered a recession in December 2007.
Separately, a measure of US service sector activity, the Institute for Supply Management's index, dropped to a record low in November.Separately, a measure of US service sector activity, the Institute for Supply Management's index, dropped to a record low in November.
The US service sector makes up about 80% of US economic activity.The US service sector makes up about 80% of US economic activity.
November was the 11th month in a row that the economy lost jobs.
Bleak outlookBleak outlook
The economy contracted at an annual rate of 0.5% from July to September due to the biggest fall in US consumer spending in 28 years.The economy contracted at an annual rate of 0.5% from July to September due to the biggest fall in US consumer spending in 28 years.
Many economists believe the gross domestic product will fall even sharper in the current quarter.Many economists believe the gross domestic product will fall even sharper in the current quarter.
On Wednesday, the Federal Reserve Board painted a bleak picture of the US economy in its influential Beige Book, a report used to help determine US interest rates.On Wednesday, the Federal Reserve Board painted a bleak picture of the US economy in its influential Beige Book, a report used to help determine US interest rates.
It said economic activity has weakened across the US in the past two months, with retail sales, and vehicle sales in particular, "down significantly".It said economic activity has weakened across the US in the past two months, with retail sales, and vehicle sales in particular, "down significantly".