05 December, 2008
U.S. Non-Farm Payrolls Falls The Most Since 1974
U.S. Non-Farm Payrolls Falls The Most Since 1974, Unemployment Rate Hits 15-Year High
U.S. Non-Farm Payrolls fell the most in 34 years as the economy lost 533K jobs in November, which raised the total number of job losses in 2008 to 1.91M.
U.S. Non-Farm Payrolls fell the most in 34 years as the economy lost 533K jobs in November, which raised the total number of job losses in 2008 to 1.91M. In addition, the previous reading was revised sharply lower to -320K from an initial reading of -240K in October, and the considerable drop raised the unemployment rate to fifteen-year high of 6.7% from 6.5% in the prior month. Market participants were expecting the jobless rate to hit 6.8%, which indicates that an increasing number of workers are leaving the job force as the economy faces its longest recession in a quarter century. The data suggests that firms are becoming increasingly pessimistic towards the economy as the financial crisis drags on the real economy, and conditions may only get worse as firms continue to cutback on employment. Meanwhile, the U.S. dollar weakened against the euro initially following the release, but turned around as risk trends continue to drive price action in the forex market.
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