Friday, December 5, 2008

Jobless Rate Hits 6.7%

Non-farm payrolls declined by 533,000 jobs, the fastest rate in more than 30 years, pushing the jobless rate to 6.7%, its highest level in 15 years, according to the Labor Department.

Non-farm jobs have declined by more than 1.2 million jobs in the last three months alone following big revisions to September and October that showed even steeper job cuts than first reported.

Both the number of unemployed persons (10.3 million) and the unemployment rate (6.7 percent) continued to increase in November. Since the start of the recession in December 2007, as recently announced by the National Bureau of Economic Research, the number of unemployed persons increased by 2.7 million, and the unemployment rate rose by 1.7 percentage points

In November, manufacturing firms cut 85,000 jobs, with automobile and auto parts makers accounting for 13,000 job losses.

Construction employment was down by 82,000.

Business and professional services companies shed 136,000 jobs. Retail trade cut over 91,000 jobs. And, leisure and hospitality businesses dropped 76,000 jobs.

The health care and education sector had an increase of 56.000 jobs.

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