Obama’s Statement on Job Losses

The U.S. recession deepened last month as U.S. companies shed jobs at the fastest pace since the early 1970s, pushing the unemployment rate to its highest level in 15 years. Nonfarm payrolls fell a larger-than-expected 533,000 in November, the U.S. Labor Department said Friday. The economy has lost more than 1.2 million jobs in the past three months. Here, President-elect Barack Obama ’s statement on the jobs report. The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend. There are no quick or easy fixes to ... (link)