US jobs fall worst since 1974
2008-12-06 HKT 00:26
Unemployment in the United States rose by more than 500,000 in November - the biggest monthly increase for 34 years. The job losses were far more severe than expected. In a dramatic indication of the worsening situation in the economy, the US jobless rate rose to a 15-year high of 6.7 percent from 6.5 percent in October. Recent data has fuelled fears that the world's biggest economy is set for a deep, long downturn. Reacting to the unemployment data, US President-elect Barack Obama said: "There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better." A number of US companies have announced job cuts this month. President George W. Bush said the new unemployment data showed that the US economy was in a recession.
