Economists knew that the November job statistics would be bad, but when the Government released the figures at week's end they were far worse than expected. Unemployment jumped to 6.5% of the labor force, from 6% in October, the sharpest one-month rise in 13 years; the jobless rate is now higher than in any month since October 1961. Until November, employment and unemployment had both been rising, but last month the number of people who have jobs fell by 800,000. The news helped send the stock market reeling to another twelve-year low. The Dow Jones industrial average tumbled 41 points during...
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