U.S. JOBLESS RATE CLIMBS TO 10.8%, A POSTWAR RECORD
Nearly 12 million people were out of work in November as the nation's unemployment rate shot up four-tenths of a percentage point to 10.8 percent, setting another postwar record, the Labor Department reported today. The rise in the rate from the 10.4 percent level in October was far sharper than many economists had expected. It was caused, the Bureau of Labor Statistics said, by the loss of 165,000 additional payroll jobs as well as by an increase of 375,000 in the number of new workers entering the labor force. In many months, even when the unemployment rate rises, the nation's industries add jobs to the work force, but there was no increase last month, the statistics bureau noted. More than 99,032,000 people were working in the week of Nov. 15 when bureau officials made their monthly household survey, virtually the same as in October.