Friday, December 5, 2008

Employment numbers Nov 08

--Nonfarm payroll shed 533k jobs in Nov, much larger than expected 335k --It was the worst monthly loss since 1974 --Job losses in previous two months were revised upward, 240k to 320k in Oct, 284k to 403 in Sep --US economy lost 2.7 million since the recession began in Dec 2007 --The pullback is broad based, espcially in service industry --Only employment in hospital and government sector is holding up --the loss severity might rival 1980s

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