7 Percent Unemployment

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The economy purged more than half a million jobs last month -- 100,000 more than the high end of the consensus projections. Official unemployment is now 6.7%, but that doesn't count another 420,000 would-be-workers who gave up on the job market last month. As the NYTimes.com puts it:

If they had continued that search, the unemployment rate in November would have been closer to 7 percent.

We're looking at a very unmerry Christmas for millions of Americans this year.