The December 4th New York Times reported in “Employers cut 533K jobs in Nov., most in 34 years” that,
“Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. ‘These numbers are shocking,’ said economist Joel Naroff, president of Naroff Economics Advisors. “Companies are sharply reacting to the economy’s problems and slashing costs. They are not trying to ride it out.”