Elizabeth- Many are Jobless

The government’s report of a giant job loss in November, the biggest monthly decline in a generation, puts more pressure on Congress and the administration to move quickly on a stimulus package, mortgage relief and perhaps financial aid for Detroit’s big automakers.
The nation’s employers cut 533,000 jobs in November, the The Bureau of Labor Statistics. reported Friday. Not since 1974, toward the end of a severe recession, have so many jobs disappeared in a single month — and the current recession, far from ending, appears to be just gathering steam.

“We are caught in a downward spiral in which employment, incomes and spending are collapsing together,” said Nigel Gault, chief domestic economist for IHS Global Insight.
“With private spending frozen, we have no choice but to rely on a stimulus package to revive the economy.”
The unemployment rate rose to 6.7 %, up just two-tenths of a percentage point from October, but up six-tenths over the last three months. More than 420,000 men and women who had been working or seeking work in October left the labor force in November.
More significantly, the unemployment rate does not include those too discouraged to look for work any longer or those working fewer hours than they would like. Add those people to the roster of the unemployed, and the rate hit a record 12.5 % in November, up 1.5 percentage points since September.
Noting that 1.9 million jobs have been lost since the start of the recession a year ago — two-thirds of them since September — President-elect Barack Obama (He-He, I still think that that's funny) invoked public spending as the best way to get a "dead-in-the-water" economy moving again.
“This painful crisis,” he said in a statement, "is an opportunity to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, and by investing in clean energy projects. "

Also, I believe Daniel alluded to this but like he said, many of the people in America think that we are going in to another Great Depression.
(That's why we voted for Obama, CHANGE!!!!!!!!!!!)

--NYTimes(source)