Unemployment rate hits 6.7 percent

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Employers shed 533,000 jobs in November, the largest drop in 34 years, the Department of Labor reported this morning.

That brings the unemployment rate to 6.7 percent — a 15-year high — compared to 6.5 percent the previous month.

November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were widespread across major industry sectors in November, according to the report.

Since the start of the recession in December 2007, the economy has lost 1.9 million jobs, the number of unemployed people has increased by 2.7 million, and the jobless rate has risen by 1.7 percentage points.

Employment declined in nearly all major industries last month, although health care continued to add jobs. Manufacturing jobs continued to fall, by 85,000 in November, with widespread losses among the component industries. Manufacturing employment has declined by 604,000 since last December.

Click here for the Department of Labor report.

Click here for a report posted on Forbes.com.

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