The unemployment rate hit 6.7 percent in November as employers slashed their payrolls much more deeply than economists had expected, the Labor Department reported this morning.
These were the largest cuts in 34 years, although it's worth noting that the workforce has grown considerably since then (it's about 50 percent larger than in the early 1980s).
Economists were expecting to see about 320,000 jobs lost in the month. The unemployment rate was up from 6.5 percent in October.
More to come...