According to CNNMoney: “Payrolls shrink by 533,000, bringing 11-month decline to 1.9 million. Unemployment soars to 6.7%”.
“The economy shed 533,000 jobs in November, according to a government report Friday – bringing the year’s total job losses to 1.9 million.
November had the largest monthly job loss total since December 1974.”
According to Washington Business Journal: “The ADP National Employment Report said that the U.S. job market shows weakness, with losses in the manufacturing, services and construction sectors.
The ADP report found that construction lost 44,000 jobs, manufacturing 118,000 jobs and services 92,000 positions during October.
Manufacturing has lost jobs in the U.S. for 27 straight months and the construction sector has sacked 521,000 workers since August 2006, according to the payroll company’s employment study.”
According to Reuters and Guardian: “U.S. private employers slashed an unexpectedly high 250,000 jobs in November, the biggest cut in seven years, while the service sector, which powers most of the economy, posted its worst slump on record.
Wednesday’s reports were the latest signs that the job market is nowhere near bottom and suggested Friday’s government payrolls report could exceed current expectations for 320,000 job losses in November.”
