The unemployment jumped to 6.7 percent in November, shedding 533,000 jobs. It’s the largest loss in one month since December 1974. And since January, nearly 2 million jobs have been cut.
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More than 10.3 million people are unemployed, according to the Labor Department. Companies are issuing pink slips, left and right. AT&T cut 12,000 jobs, DuPont cut 2,500, Viacom cut 850 last month. And some companies are closing up shop completely such as Linens ‘n Things and Circuit City. Even some Starbucks’ are closing.
This news also suggests that many households will continue to cut back on spending, saving as many pennies as possible.
So, who’s for a taxpayer bailout?
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