Job losses in November most in 34 years; unemployment rate rises

The government says employers axed 533,000 jobs in November, the most in 34 years, and the un employment rate rose to 6.7 percent.

It was dramatic proof the country is careening ever deeper into recession.

The Labor Department's report shows the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays. The jobless rate rose from 6.5 percent in October to 6.7 percent, a 15-year high.

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