November Jobless Figures: From Bad to Worse
From the Bureau of Labor Statistics:
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.
Near the end of the campaign, Obama was citing 1.2 million jobs lost this year. With the revision of September and October’s figures and the latest November report, the losses are 1.2 million in just the last 90 days. Bonddad puts it in perspective:
- The best read of job creation during the latest expansion is 7.2 million. We just lost nearly 7% of all the jobs created in one month.
- September and October were revised lower. The combined total of those two months is 10% of all jobs created during the last expansion.
- The total job losses for the last three months is 1.2 million or 17% of all jobs created in the last expansion.
- Using the previously cited totals, we’ve lost 37.5% of all jobs created during the last expansion.
Did you get that last bullet? For every eight jobs created during the last 5 years, 3 were lost in the last 90 days.
