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Jobless rate jumps to 7.2 percent in Dec., highest since ‘93, as employers cut 524,000 jobs
By JEANNINE AVERSA~AP New
The nation’s unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs, capping one of the worst years in modern history for American workers.
The Labor Department’s report, released Friday, underscored the grim toll the deepening recession is having on workers and companies. And it highlights the difficulty President-elect Barack Obama faces in resuscitating the flat-lined economy. This year has gotten off to a rough start with a flurry of big corporate layoffs, pointing to another year of hefty job reductions.
“The situation is dire,” Obama said during a news conference Friday to discuss additional appointments for his administration.
