November 2008 Monthly Unemployment Rate at 15-Year High – Chart of The Day

U.S. Labor Department released monthly unemployment data for November 2008 and it’s not a pretty picture: the monthly unemployment rate reached a 15-year high of 6.7% in November. The last time when monthly unemployment rate was this high was September 1993.

According to the report,  U.S. employers eliminated 533,000 non-farm positions last month, followed by 403,000 in September and 320,000 in October. In just three months, as we have seen the deterioration of the economy, more than 1.2 million jobs have been lost, that’s more than 2/3 of the total job losses since the current recession started a year ago.  A total of 1.9 million people have lost their jobs since December 2007. As of November, the number of unemployed person in the country grew to 10.3 million.

Among all industrial groups, the manufacturing sector continued to lead with the most job losses at 85,000. The financial sector, an industrial group that’s in the center of the crisis, cut 32,000 poisitions last month, bringing the total job losses in that area to 142,000 since last December. Late last month, Citigroup announced that it will reduce more than 50,000 positions in the coming months. If Detroit’s big-three don’t get the $35 billion bailout loan they are desperately seeking for, we can expect unemployment rate to go even higher

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