|
(CEP News) - U.S. nonfarm payrolls plummeted way beyond the consensus expectation with 530,000 jobs lost in November, marking the 11th straight month of declines, according to the Bureau of Labor Statistics on Friday. The monthly decline is the steepest drop in labour since December 1974.
The previous two months saw huge downward revisions for a combined loss of 723k jobs. October's estimate was revised to a decline of 320k jobs from an originally reported decline of 240k, while September's figure was downwardly revised to a loss of 403k jobs from the previously reported decline of 284k jobs. The unemployment rate soared up two-tenths to 6.7% (6.682%), a figure actually below the consensus call for 6.8%. Nonfarm payrolls were expected to fall by 335k jobs in the month. The loss in total private jobs was a whopping 540k. The goods-producing sector lost 163k, construction fell by 82k, and manufacturing lost 85k jobs. The business services sector lost 136k jobs while the financial sector fell by 32k jobs. The only positive gains seen in November were in areas outside the business cycle. Government jobs increased by 7k and education & health care advanced by 52k. By Patrick McGee,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Nancy Girgis,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
