Nonfarm payroll employment dropped by 533,000 in November.  With the revised figures for the previous two months, November’s drop in payroll employment followed declines of 403,000 in September and 320,000 in October.  The unemployment rate moved in the opposite direction and rose to 6.7 percent.  This rate has been persistent in its movement upwards.  The November unemployment rate has risen by 1.7 percentage points since the recession started in December 2007.

According to the report, in November, 10.3 million total persons were unemployed.  This is up by 2.7 million from December. 

The Labor Department report breaks down job loss and creation by industry sectors.  For the month of November, job losses were sizeable and pervasive across all the major industry sectors measured by the department.

Manufacturing job losses continued in November, down 85,000.
Construction employment was down by 82,000 over the month.
Retail trade employment fell by 91,000 in November.
Leisure and hospitality employment contracted by 76,000.

The report was significantly more disturbing than the consensus estimates. Even more startling, this report comes on the heels of numerous reports of layoff announcements that have not yet taken shape.  The Fed will cut again.  Rate will continue lower.

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