November's Unemployment Surges Another 0.3%

December 7, 2001(PLANSPONSOR.com) - The unemployment rate surged to its highest level since 1995, according to the monthly unemployment report released by the Department of Labor (DoL).

November’s report shows the unemployment rate increasing to 5.7% from 5.4% the previous month as the US economy continued to contract.

Job losses in October and November, in which 468,000 and 331,000 jobs were shed respectively, were the worst for any two months in over two decades, according to data from the DoL.

The number of the unemployed now stands at 8.2 million.

Since the lows of October 2000, the unemployment rate has risen by 1.8%age points and the number of the unemployed has increased by 2.6 million.

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