More Job Destruction
December 05, 2008 at 09:56 AM EST
Our long-running worry that the economy’s suffering would get worse before it gets better finds ample support in this morning’s employment report for November. Nonfarm payrolls plunged by 533,000 last month, the U.S. Labor Department reports. That’s the steepest monthly decline since 1974 and the sixth-worse number on record going back to 1939. The labor market, [...]