RECESSION WATCH: Eleven Million Americans Out of Work, Unemployment Stats Say 7.2% Unemployed

(01/10/2009)

Yesterday, the report came that 2.6 million jobs have been lost in the US during 12 months through December, 2008, according to the U.S. Labor Department, and that doesn't count the jobless who have gone off the unemployment roles. The labor department does say, however, that about 11 million Americans are out of work. Further evidence of weakening in the labor market reinforces concerns that the American economy could be heading into a deeper and more prolonged recession. The nation's employers shed 524,000 jobs in December, the government reported Friday.

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