The reports by news agencies across the globe about the job losses in the US are shocking, mainly also because the predictions made a few weeks ago were around 325,000 job losses (for November). The official figures reported Friday are much higher. Reuters reports: ”U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy.”. The news article going on to confirming how: “November’s job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.” The worst in 34 years.

Headlines such as these join the growing number of shocking headlines about the global economic crisis fueled by economies going into recession around the globe. What’s next? How many more jobs will go lost in December? And what will job loss figures be like when giant auto makers start going under?

Image by mikecolvin82 under Creative Commons