Job Losses Worst Since '74

Job Losses Worst Since '74. The Wall Street Journal reported that according to US Dept. Of Labor statistics, the country lost 533,000 jobs in November. Also, they revised the September losses up from 284,000 to 403,000 jobs, potentially indicating that the November numbers could end up being worse and passing the '74 mark of 602,000 jobs lost in a single month.
But they note that there is some reason for optimism, the US economy is 75% larger, so the jobs lost, while rivaling those months in size do not nearly have the scope in today's economy that they did then. Also, in the last 5 recessions, the US lost about 2% from its peak workforce, which would translate to "only" another 900,000 jobs. They are imagining the unemployment to rise into mid-2009 before it stabilizes.
But the job loss is amid a struggling banking and credit market. People who've lost savings and home values are now facing unemployment. The wsj believes that the credit and economy will rebound at some point in the second half of 2009, but in the meantime people are facing a bleak unemployment.