The Employment Situation: November 2008 – “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.”
New York Times: Grim Job Report Not Showing Full Picture – “The unemployment rate reached its highest point since 1993, and overall employment fell by more than a half million jobs…The number of people out of the labor force meaning that they were neither working nor looking for work and that the government did not consider them unemployed jumped by 637,000 last month, the Labor Department said. The number of part-time workers who said they wanted full-time work all counted as fully employed rose by an additional 621,000.”
New York Times: U.S. Loses 533,000 Jobs in Biggest Drop Since 1974 – “Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month and the current recession, far from ending, appears to be just gathering steam.”
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