November: Most jobs lost in 34 years

The economy lost 533,000 jobs in November, according to a government report -- bringing the year's total job losses to 1.9 million. November had the largest monthly job loss total since December 1974, CNNMoney reports.

According to the Labor Department, the unemployment rate rose to 6.7 percent from 6.5 percent in October. It is the highest unemployment rate since October 1993.

Economists surveyed by Briefing.com had forecast a loss of 325,000 jobs in the month. November's monthly job loss total was greater than October's revised loss of 320,000. Payroll cuts in September were revised up to 403,000.

The revisions brought the 3-month job loss total to 1.3 million. That's equal to two-thirds of this year's total job losses and the third highest three-month job loss total since World War II.

November's report provided the first glimpse at how employers reacted after the peak of the credit crisis, reached in mid-October. With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses.