On Friday, the Bureau of Labor Statistic reported the largest job loss numbers since 1974 as the economy lost 533,000 jobs and the unemployment rate pushed higher to 6.7 percent. This news, combined with last week's pronouncement that the U.S. economy is officially in a recession shows that we are now in deep trouble. On Friday, The Center on Budget and Policy Priorities released a statement on the job loss numbers that underscores the bleak economic outlook, focusing on in impact this downturn will have on individuals and families living in poverty and those who are about to fall into such dire economic circumstances: Today's report also makes it more likely that unemployment will reach 9 percent by the end of 2009, as Goldman Sachs has predicted. The Center on Budget and Policy Priorities estimates this could swell the number of Americans living in poverty by up to 10 million and the number of Americans in deep poverty, with incomes below half the poverty line, by up to 6 million... This week the National Bureau of Economic Research determined that a recession began in December 2007. In the ensuing 11 months, employers have shed jobs each month and the losses have accelerated sharply in recent months. Overall labor market trends are grim. CBPP also points out that the current recession is already one-month longer than the post-World War II average. Yet it feels like we are just getting started with this one. Yikes! CBPP: STATEMENT ON THE NOVEMBER EMPLOYMENT REPORT NY Times: U.S. Loses 533,000 Jobs in Biggest Drop Since 1974