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锘?!DOCTYPE html PUBliC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html xmlns="http://www.w3.org/1999/xhtml"><head><title>US Job Losses Exceed Half a Million in November as Recession Deepens - VOA Standard English In 2008</title><meta http-equiv="Content-Type" content="text/html; charset=utf-8" /><meta content="all" name="robots"/><meta content="VOA Standard English In 2008, US Job Losses Exceed Half a Million in November as Recession Deepens" name="description" /><meta content="VOA Standard English In 2008" name="keywords" /><link rel="stylesheet" type="text/css" href="/images/style.css" /><link rel="stylesheet" type="text/css" href="/images/text-small.css"  title="Small Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-medium.css" title="Medium Text" /><link rel="alternate stylesheet" type="text/css" href="/images/text-large.css" title="Large Text" /></head><body><div><img id="logo" src="/images/voa.gif"  alt="VOA" /></div><div id="nav"><a title="VOA" href="http://www.51voa.com/"><b>缇庡浗涔嬮煶</b></a> > <a href="http://www.51voa.com/VOA_Standard_English/index.html">VOA Standard English</a> > <a href="http://www.51voa.com/VOA_Standard_1.html">VOA Standard English In 2008</a> <script type="text/javascript" src="/images/notice.js"></script></div><div id="leftMainContainer"><div id="leftNav"><div class="leftN_title">VOA Standard English</div><ul><li><a href="/VOA_Standard_1.html">VOA Standard English <img src=/images/new.gif border=0></a></li> <li><a href="/VOA_Standard_1_archiver.html">VOA Standard English Archives </a></li> </ul><div class="leftN_title">VOA Special English</div><ul><li><a href="/Development_Report_1.html">Development Report</a></li><li><a href="/This_is_America_1.html">This is America</a></li><li><a href="/Agriculture_Report_1.html">Agriculture Report</a></li><li><a href="/Science_in_the_News_1.html">Science in the News</a></li><li><a href="/Health_Report_1.html">Health Report</a></li><li><a href="/Explorations_1.html">Explorations</a></li><li><a href="/Education_Report_1.html">Education Report</a></li><li><a href="/The_Making_of_a_Nation_1.html">The Making of a Nation</a></li><li><a href="/Economics_Report_1.html">Economics Report</a></li><li><a href="/American_Mosaic_1.html">American Mosaic</a></li><li><a href="/In_the_News_1.html">In the News</a></li><li><a href="/American_Stories_1.html">American Stories</a></li><li><a href="/Words_And_Their_Stories_1.html">Words And Their Stories</a></li><li><a href="/People_in_America_1.html">People in America</a></li></ul><div class="leftN_title">VOA English Learning</div><ul><li><a href="/Word_Master_1.html">Wordmaster</a></li><li><a href="/Learn_A_Word_1.html">Learn A Word</a></li><li><a href="/Bilingual_News_1.html">Bilingual News</a></li><li><a href="/American_Cafe_1.html">American Cafe</a></li><li><a href="/Popular_American_1.html">Popular American</a></li><li><a href="/Business_Etiquette_1.html">Business Etiquette</a></li><li><a href="/Sports_English_1.html">Sports English</a></li><li><a href="/Words_And_Idioms_1.html">Words And Idioms</a></li><li><a href="/Intermediate_American_English_1.html">Intermediate American English</a></li></ul></div><div id="rightContainer"><span class="title">US Job Losses Exceed Half a Million in November as Recession Deepens</span><div id="contentAds"><script type="text/javascript"><!--google_ad_client = "pub-3585518775245612";/* 51VOAContent */google_ad_slot = "4281465902";google_ad_width = 336;google_ad_height = 280;//--></script><script type="text/javascript"src="http://pagead2.googlesyndication.com/pagead/show_ads.js"></script></div><span id="content"><EMBED src="/path.asp?url=/200812/wood_jobs_5Dec08.mp3" width=280 height=40 type="audio/x-pn-realaudio-plugin" autostart="false" Controls="ControlPanel" tppabs=""></EMBED><BR><a href="/path.asp?url=/200812/wood_jobs_5Dec08.mp3" class="wwmp3">&raquo&nbsp; Download Audio</a><BR><BR><span class="byline">	By Barry Wood</span> 				<br>								<span class="dateline">Washington</span><br>									<span class="datetime"><em>06 December 2008</em></span><br><P> <TABLE class=APIMAGE style="DIRECTION: ltr" width=190 align=left> <TBODY> <TR> <TD><IMG id=||CPIMAGE:586721| title="Job seekers check employment offers in Miami" height=135 alt="Job seekers check employment offers in Miami" hspace=2 src="/images/200812/afp_jobs_5Dec08.jpg" width=190 vspace=2 border=0></TD></TR> <TR> <TD class=imagecaption>Job seekers check employment offers in Miami</TD></TR></TBODY></TABLE>The US economy lost 533,000 jobs in November, far more than anticipated. It was the worst jobs report in 34 years, evidence of a deepening economic recession. </P> <P>In the past year the once vibrant US economy has shed nearly two million jobs. Markets Friday had been anticipating far fewer job losses and stock prices initially fell sharply as the bad news was absorbed. Ellen Zentner, an economist at Tokyo Mitsubishi Bank in New York told Bloomberg Television that there will be further job losses ahead. Unemployment could soar, she said, if one of the Detroit big three car companies goes under.</P> <P>"You've got suppliers who supply that industry who would have to lay off workers. You've got the dry cleaners who supply the people that work at the supply shops. It goes on down the line. You'd be talking about massive job losses. And that's why the government has been serious about talking about what help they can give," he said.</P> <P>An estimated three million U.S. jobs are directly linked to the U.S.-based auto industry.</P> <P>For a second day, the chiefs of the three car companies and their union appeared before congressional committees to make their case for $34 billion of emergency loans to assure their survival until April. Congressman Paul Kanjorski, a Democrat from Pennsylvania, is not optimistic that the loans will be quickly forthcoming. "I tell you this; I do not sense that the congress has the appetite to do this right now. I think you're skating on extremely thin ice. And I happen to be a friend of your industry," he said.</P> <P>For whatever reason, stock markets turned around late in the day and the Dow Jones Industrials staged an impressive rally near the close. The index was up 259 points, or three percent, to 8,635. But Tony Dwyer of FTN Midwest Securities in Cleveland, Ohio says global financial markets remain essentially frozen. "We need people to come and buy corporate bonds. When they do that companies will be able to raise money and fund future growth," he said.</P> <P>Oil prices continued to fall, declining Friday to little more than $40 per barrel. The $2.85 loss brought losses for the week to 25 percent. Crude oil is now at its lowest level since December 2004. The week's massive sell off was even bigger than the seven day, 24 percent decline in 2003 after invading U.S. troops seized control of the Iraqi oil fields. Oil prices are falling because of the sudden collapse of global demand for gasoline</P>														</span><div id="list"><ol><LI><A href="VOA_Standard_English_26841.html" target=_blank>US Conducts Another Successful Missile Defense Test</A></LI><LI><A href="VOA_Standard_English_26840.html" target=_blank>Bush: Mideast Freer Than in 2001</A></LI><LI><A href="VOA_Standard_English_26839.html" target=_blank>Indian Police Arrest 2 Suspects Linked to Mumbai Attack</A></LI><LI><A href="VOA_Standard_English_26837.html" target=_blank>US Central Bank: More Action Needed to Stem Housing Foreclosures</A></LI><LI><A href="VOA_Standard_English_26836.html" target=_blank>Indian Home Minister Admits to 'Lapses' in Mumbai Attacks</A></LI><LI><A href="VOA_Standard_English_26835.html" target=_blank>Report Alleges Human Rights Violations by Police in Turkey</A></LI><LI><A href="VOA_Standard_English_26834.html" target=_blank>ADB Gives Indonesia $500 Million to Clean Up World's Dirtiest River</A></LI><LI><A href="VOA_Standard_English_26833.html" target=_blank>Bangkok's International Airport Officially Reopens</A></LI><LI><A href="VOA_Standard_English_26832.html" target=_blank>US Economy Experiences Worst Job Cuts in Decades</A></LI><LI><A href="VOA_Standard_English_26831.html" target=_blank>Russia, India Sign Agreement to Build Civil Nuclear Reactors</A></LI></ol></div><div class="clearing"></div></div><div class="clearing"></div><div id="footer">&copy; 2001-2008 Powered by <a href="http://www.51voa.com">51VOA.Com</a> <div id="topAds"><script language=javascript src="/topAds.js"></script></div> <div id="count"><script language=javascript src="/count.js"></script></div></div></body></html>
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