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US job losses hit record in 2008 US job losses hit record in 2008
(10 minutes later)
More US workers lost jobs last year than in any year since the Second World War, with employers axing 2.6 million jobs and 524,000 in December alone. More US workers lost jobs last year than in any year since World War II, with employers axing 2.6 million jobs and 524,000 in December alone.
The US jobless rate rose to 7.2% in December, the highest in 16 years.The US jobless rate rose to 7.2% in December, the highest in 16 years.
Companies are cutting jobs as consumers reduce spending, amid fears the world's biggest economy will be in recession for a long time.Companies are cutting jobs as consumers reduce spending, amid fears the world's biggest economy will be in recession for a long time.
On Thursday, US President-elect Barack Obama called for drastic action to prevent the economy from deteriorating.On Thursday, US President-elect Barack Obama called for drastic action to prevent the economy from deteriorating.
Jobs blow
The annual jobless total was higher than expected, partly because jobless figures in November and October were revised upwards.The annual jobless total was higher than expected, partly because jobless figures in November and October were revised upwards.
The job situation is ugly and is going to get uglier Richard Yamarone, chief economist, Argus Research Why unemployment is rising
November's job losses were revised to 584,000 from 533,000 while October's losses were revised to 423,000 from 320,000.November's job losses were revised to 584,000 from 533,000 while October's losses were revised to 423,000 from 320,000.
Analysts had forecast that 550,000 jobs would go in December.Analysts had forecast that 550,000 jobs would go in December.
Anthony Conroy, head trader at Bny Convergex, said: "Well, the numbers look better than I think many were anticipating. I had heard anywhere from 500,000 to about a million, so it's definitely better than anticipated.
"This is bad, but it isn't as bad as people were anticipating."
Most December job losses were in the service sector, which shed 273,000 jobs.Most December job losses were in the service sector, which shed 273,000 jobs.
AT&T, the telecoms giant, was among those to announce job cuts last month, reducing its workforce by 4% and cutting 12,000 positions.AT&T, the telecoms giant, was among those to announce job cuts last month, reducing its workforce by 4% and cutting 12,000 positions.
Ugly and getting uglier
Anthony Conroy, head trader at Bny Convergex, said: "Well, the numbers look better than I think many were anticipating. I had heard anywhere from 500,000 to about a million, so it's definitely better than anticipated."
Other analysts found little consolation in the figures.
"No matter how you look at it, these are dismal numbers," said Matt Esteve, foreign exchange trader at Tempus Consulting.
Added Richard Yamarone, chief economist of Argus Research: "The job situation is ugly and is going to get uglier. There's no reason to expect hiring anytime in the next three to six months. We are not going to see any hiring until the government steps in and acts."