More Jobs Carnage: 573,000 File for Unemployment

Economists consider jobless claims a timely, if volatile, indicator of the health of the labor markets and broader economy. A year ago, initial claims stood at 337,000.

Traders work on the floor of the New York Stock Exchange, Wednesday, Dec. 10, 2008. (AP Photo/Richard Drew)

(AP)

The Labor Department said last week that employers cut a net total of 533,000 jobs in November, and the unemployment rate reached 6.7 percent, a 15-year high. And the latest jobless claims figures indicate that the December report could be just as bad or worse, Abiel Reinhart, an analyst at JPMorgan Chase Bank, wrote in a client note.

Companies have eliminated a net total of 1.9 million jobs this year, and some economists project the total cuts could reach 3 million by the spring of 2010.

Several large U.S. employers announced layoffs this week, including Dow Chemical Co., 3M Co., Anheuser-Busch InBev, National Public Radio and the National Football League.

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AP Economics Writers Jeannine Aversa and Martin Crutsinger contributed to this report.

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