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533,000 Jobs Cut Across Nation in November

The recession deepened in November as U.S. employers cut 533,000 more jobs across several sectors of the economy, according to the Washington Post and Reuters.

Dipping to the worst rate in 34 years, job losses were far worse than anticipated, according to Reuters.

“’You can’t get much uglier than this. The economy has just collapsed, and has gone into a free fall,’? Richard Yamarone, Argus Research chief economist in New York, told Reuters.

Job losses were reported in industries ranging from construction, computers, auto dealers, clothing stores, banks and insurance companies the Washington Post reported.

“Each of those lost jobs represents a personal crisis for a family somewhere in America,? President-elect Barack Obama said in a statement reported on by the Washington Post.

Obama’s team is devising a plan to create 2.5 million jobs over two years, according to the Washington Post.

The current unemployment rate which rose from 6.5 percent to 6.7 percent does not fully reflect the 422,000 who left the job market and are not actively seeking work. It also does not take into account the 7.3 million reported employees who are working part-time in lieu of full time work, according to the Washington Post.