Over 530,000 jobs were lost in November alone, putting pressure on the U.S. government to pass a stimulus plan that can be enacted when Obama takes office.
With 6 weeks to go until inauguration day, President-elect Barack Obama says he hopes to preserve or create 2.5 million jobs but there are "no easy fixes" to the crisis.
Economists expect layoffs to continue and the rate of unemployment to rise past 8 percent by the middle of next year.
Manoush Zomorodi reports.
SOUNDBITES: Madeline Yates, works on Wall StreetRandy Wilkins, works in entertainment industryBrian Bethune, Chief Economist, IHS Global Insight
