The unemployment rate would have moved even higher if not for the exodus of 422,000 people from the work force. Economists thought many of those people probably abandoned their job searches out of sheer frustration. In November 2007, the jobless rate was at 4.7 percent.
The U.S. tipped into recession last December, a panel of experts declared earlier this week, confirming what many Americans already thought.
Steel companies in China have recorded their first month-on-month loss in 6 years as the global financial crisis hit domestic exporters, manufacturers and construction firms. 71 large and medium-sized steel companies posted a combined loss of 5.84 billion yuan (853 million dollars) in October, the first monthly loss since 2002, the China Securities Journal reported, citing an industry association.
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