US Economy Experiences Worst Job Cuts in Decades
By VOA News
05 December 2008
pedestrian talks on his cell phone while walking past an AT&T store in Chicago, 04 Dec 2008
The U.S. economy posted its worst job losses in 34 years in November, and the unemployment rate rose as the recession deepened in the world＇s largest economy.
Friday＇s report from the Labor Department says there was a net loss of 533,000 jobs in November, while the unemployment rate rose two-tenths of a percent. The 6.7 percent unemployment rate is the worst since the early 1990＇s.
In a note to journalists, President-elect Barack Obama said each of the job losses represent a "personal crisis" for an American family. He said it is time to respond to the economic situation with "urgent resolve," but warned it will take time to solve the problem. White House officials also expressed concern about the job report.
Even before the disappointing job figures, the U.S. auto industry was pleading for government loans.
Executives from Ford, Chrysler and General Motors are testifying before the House Financial Services Committee Friday, seeking up to $34 billion in government aid.
On Thursday, the car companies warned the Senate Banking Committee that millions of employees could lose jobs if the industry collapses.
The automakers told the Senate panel they will build more fuel-efficient cars, including hybrid and electric vehicles. They also promise to renegotiate deals with workers, lenders, and suppliers to cut costs, and to submit to strict government oversight.
Congress could vote on the aid to automakers when it returns for a brief post-election session next week.
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