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U.S. Job Cuts Rise 148% Hitting a Six-Year High

Wednesday, 03 December 2008 12:08:54 GMT | David Song, Currency Analyst

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Deteriorating fundamentals continues to reflect a dour outlook for the U.S. as job cuts surged 148.4% to 181,671 in November to reach its highest level in six years. Fading demands from home and abroad paired with the ongoing weakness in the credit market led businesses to cutback on employment, and conditions may only get worse as the world’s largest economy heads into a recession. Fading employment opportunities has certainly heightened the downside risks for growth, and may lead policymakers to step up their efforts over the following months in order to avoid a hard landing.

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