The U.S. economy shed over half a million jobs in November, the U.S. bureau of Labor Statistics said Friday, the worst monthly job loss in 34 years, according to MarketWatch.
Nonfarm payroll employment fell by 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 said Friday.
The number brings total job losses to 1. 9 million since the recession began in December 2007, with two-thirds of the losses happening in the last three months, said the Department of Labor.
In terms of sectors, manufacturing lost 85,000 jobs in November, with employment in construction falling by 82,000 last month. The employment services industry shed 101,000 jobs in November, while retail trade fell by 91,000 jobs followed by leisure and hospitality, down 76,000 jobs.
Employment declined by 403,000 jobs in September and 320,000 jobs in October.
Posters on several Stockhouse Bullboards weighed in on the data before the markets opened Friday morning, including abusedhubbyon the Horizons BetaPro S&P/TSX 60 Bear Plus ETF (TSX: HXD, Stock Forum) board who said:
“…Canadian Nov. jobs loss exp. 25 k ........ surprise.............. how does 71 k make you feel ? The only way the tsx doesn't see sell - off is maybe if US numbers surprise huge to positive side.
US expecting 325 k................. after seeing Canadian numbers, wouldn't be surprised to see US numbers over 500k Hedge funds still liquidating
Oil dropping like a rock Analysts can rah-rah-rah all they want................. but not looking good short term[sic].”
specboy on the Horizons BetaPro NYMEX Crude Oil Bull Plus ETF(TSX: T.HOU, Stock Forum) Bullboard in a post entitled “US payrolls -533K, CDN -71K” said:“...never ever thought I'd see the day, when either of those numbers came across my screen. Gonna be hard to rally against this backdrop[sic].”
stockabcde replied:” “Did I read it right? Half a million, can't imagine[sic].”
GambitX added: “They were predicting 1/3 million[sic].”