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Manufacturing Slammed As November Job Losses Hit 34-Year High

The U.S. economy lost 533,000 jobs in November, the largest monthly number of cuts since 1974, according to the U.S. Department of Labor. Industry analysts had predicted a loss of approximately 320,000 to 340,000 jobs. The manufacturing sector lost 85,000 jobs, bringing the total to 604,000 jobs lost in the sector since December 2007. "Businesses are in survival mode and are slashing jobs and investment to conserve cash," says Mark Zandi, chief economist at Moody's, quoted in The New York Times. "Unless credit starts flowing again soon, big job losses will continue well into next year." Construction employment fell by 82,000; business and professional services by 101,000 jobs lost; retail trade by 91,000; leisure and hospitality by 76,000; financial services by 32,000; and transportation and warehousing by 32,000. In addition, the government revised figures for October, with losses now reported at 320,000, up from 240,000 previously reported; and September, revised to 403,000 from 284,000.

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