Payrolls shrink by 533,000, bringing 11-month decline to 1.9 million. Unemployment soars to 6.7%
By David Goldman, CNNMoney.com staff writer
Last Updated: December 5, 2008: 9:15 AM ET
NEW YORK (CNNMoney.com) -- The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year's total job losses to 1.9 million.
November had the largest monthly job loss total since December 1974.
According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. Though lower than economists' forecast of 6.8%, it was the highest unemployment rate since October 1993.
Economists surveyed by Briefing.com had forecast a loss of 325,000 jobs in the month. November's monthly job loss total was greater than October's revised loss of 320,000. Payroll cuts in September were revised up to 403,000.
The revisios brought