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The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year's total job losses to 1.9 million. That’s the largest monthly job loss total since December 1974.
The number of jobs lost in the current recession, which began in December 2007, surpasses the 1.6 million jobs lost in the 2001 recession. In 2001, jobs were cut in droves during the dot.com bust, which followed a booming employment market during the tech boom of the late 1990s.
The jobs that are being lost now are more at the core of the nation’s economy, which economists say is a perilous sign. They also fear deeper job cuts are likely to come.
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