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Source: Indiatimes.

The United States economy shed 533,000 jobs in November, marking the largest monthly job loss since 1974, during the recession triggered by the first oil shock in 1973.

hmmmm.. no idea when this will get over?  

News on BBC “Citigroup said the 75,000 job cuts represented a reduction of about 20% of its staff, leaving it with 300,000 jobs worldwide “in the near term”.

The cuts will come from redundancies, the sale of units and natural wastage, the bank said.

Citigroup has lost more than $20bn (£13.6bn) in the past year because of the global financial crisis.

It has reported four straight quarterly losses and some analysts believe the bank will not make a profit again until 2010.

Of the 52,000 job losses, about half are understood to be accounted for already, with the previously announced sale of Citigroup’s German retail banking business and an Indian outsourcing operation.

Citigroup is expected to cut the remaining 25,000 jobs by the first half of 2009. Citigroup declined to comment on the cuts.

The US unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, stark proof the economy
is almost certainly in a recession.

The new snapshot, released on Friday by the Labor Department, showed the crucial jobs market deteriorating at an alarmingly rapid pace.

The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.

The impact of global downturn on the Indian economy’s growth rate, it was quite clear that the economic crisis was having some impact. The Indian officials are saying this year growth rate is expected to be between 7 to 7.9 % against 9 % recorded last four years.

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Have a fun with Gtalk

India’s economic growth can reach a sustainable 10 per cent and be spread more evenly across the country if the government pursues ambitious and wide-ranging economic reforms, Organisation for Economic Cooperation and Development (OECD) has said in a survey.

“The government’s target of reaching GDP growth of 10 per cent in 2011 is achievable if reforms continue,” the OECD said in its first economic survey on India released here on Tuesday, adding India is now the world’s third largest economy behind the US and China in terms of real prices and purchasing power.

The OECD survey identified labour reforms, infrastructure, need for fully operationalising Competition Commission and a modern bankruptcy law as major challenges for the country to sustain the growth rate.

The survey said the government should continue its programme of increased discipline in public spending, adding, they should be better targeted to help the poor.

“Privatisation of more publicly-owned firms should resume to help improve productivity and profitability,” the survey added.

Referring to infrastructure bottlenecks, the OECD survey said, “the country’s high rate of economic growth is at risk if infrastructure development does not increase and keep pace with demand.”

The survey also recommended reducing tax exemptions to allow more money to be transferred to fund public services in urban areas.

India is rocking ..!