November Jobs Report Negative But Not as Bad
11,000 jobs were lost in November. The unemployment rate also improved to 10%.
It was the 23rd consecutive month the economy has last jobs. However, CNN reports that the losses were much lower than analysts had been expecting.
U.S. payrolls slipped 11,000 jobs in the month, far below any of the job losses posted over the last 23 months. Economists surveyed by Briefing.com had forecast a loss of 125,000 jobs in November.
The October and September job loss estimates were also revised sharply lower, trimming previous job loss estimates by 159,000 between them.
The new reading put October job losses at 111,000 jobs, and September's loss estimate was cut to 139,000. Each of those new estimates would have been the smallest declines in more than a year.
CNN says the total number of hours worked by American workers actually increased by 0.6%. This is small but a positive sign. Unfortunately, some of this could be seasonal holiday retail hiring. It doesn't mean the economy is out of the woods and the layoffs have ceased.
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Posted on December 11, 2009
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