Today, it was reported that the job cuts announced in November have pushed the number of layoffs to the highest level in seven years. The total number of workers given pink slips last month was 181,671, up more than 60% from October's 112,884 cuts. Worse, the number is nearly 150% higher than November of 2007.

November's total is the second-highest layoff total on record, behind only the 248,475 job cuts announced in January 2002 in the aftermath of the Sept. 11, 2001, terrorist attacks. Not surprisingly, financial jobs accounted for about half of the cuts, with Citigroup's plans to eliminate 50,000 jobs the driving force behind 91,000 job cuts industrywide. Financial firms have trimmed more than 220,000 workers from their payrolls so far this year, representing 21% of all layoffs this year.