Unemployment Rate Rises to 6.7%; Payrolls Drop Sharply
The U.S. unemployment rate rose to 6.7% in November from 6.5% in October, while payrolls fell by more than a half-million jobs, the biggest plunge since 1974, the Labor Department said Friday.
The 533,000 decline in payrolls, which followed a revised 320,000 the previous month, was the biggest drop since 1974, Bloomberg reported. The jobless rate was the highest in 15 years.
Economists had forecast a 330,000 decline in November jobs and the unemployment rate was expected to rise to 6.8%, Bloomberg said.
Factory payrolls plunged by 85,000 following a 104,000 decline in October.
Service industries cut 370,000 workers following a reduction of 153,000, Labor said.
