Glurk!!

Rex Nutting of Marketwatch:

Payrolls plunge by stunning 533,000 in November: U.S. nonfarm payrolls plunged by an astonishing 533,000 in November, the worst job loss in 34 years, the Labor Department reported Friday. It's only the fourth time in the past 58 years that payrolls have fallen by more than 500,000 in a month. Since the recession began 11 months ago, a total of 1.9 million jobs have been lost. The unemployment rate rose from 6.5% in October to 6.7% in November, the highest jobless rate since October 1993...

Everytime I remark to Barry Eichengreen about the disjunction between the intensity of the financial crisis and its limited transmission to the real economy, he says "just wait." I guess we can stop waiting.