WASHINGTON – Unemployment rose to a 16-year high of 7.2% in December, as businesses cut 524,000 non-farm jobs, the Department of Labor reported today.

The economy lost 2.6 million jobs last year–1.9 million in the last four months–the most since 1945. The total number of jobs declined during each month of 2008.

The number of persons unemployed in December was 11.1 million, up from 10.4 million the previous month.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.