U.S. employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years, government data on Friday showed, as the recession inflicted a mounting toll on the U.S. labor market.
The Labor Department said the unemployment rate rose to 6.7 percent last month in the highest reading since 1993, compared with 6.5 percent in October, after widespread losses across the country’s major industry sectors.
The number was far above analyst expectations.
That’s why you should almost never listen to analysts. Most of them are unable to have an intimate understanding of economics and the perspective to see the reality beyond the data.
Unemployment is going to double digits by the end of 2009. I don’t know what number we’ll top out at, but it will be over 10%.