533K Jobs Lost in November: Biggest Drop Since 1974
Posted Dec 05, 2008 09:20am EST by Joe Weisenthal in Recession
Related: ^dji, ^gspc, spy, dia, QQQQ, TLT, PST
From Clusterstock, Dec. 5, 2008
The "whispers" were for a bad number of 450k to 500k job losses, but it was even worse: 533k lost jobs in november. Meanwhile the unemployment rate jumped to 6.7%. It appears this news was worse than the market had expected, as futures instantly sold off.
And by the way, remember back in Octoboer, there was a little talk about how the 240,000 jobs lost was acqually a sequential improvement from the 300,000 jobs lost in December? Well, so much for that idea. October was revised to a loss of 320,000 jobs.
Here's the official announcement:
"Nonfarm payroll employment fell sharply (-533,000) in November, and the unemployment rate rose from 6.5 to 6.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November."
