Friday December 5, 2008 - 14:28:24 GMT
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Forex News: A Further Breakdown of the employment trends
Sept was revised from -284K to -403K
October was revised from -240K to -320K
November -533K -The second most job losses since 1970
The 3 month average job loss equals -418K. The number of job losses this year totals 1.911M. The Unemployment Rate only stayed low because discouraged workers left the job hunting market. A total of 422K left the workforce last month. I found this surprising given the housing situation. However, it might suggest more people will be giving up on their housing situation.
Hourly earnings rose by 0.4%. YoY went to up 3.7%. This is surprising and cannot be explained given the employment trend.
The average workweek fell to 33.5 hours and iis moving lower
Leisure and Hospitality lost 76K. Within that accomodation and food services shed 54K
Professional and Business lost 136K. Within that Temporay services shed 78K
Financial lost 32K jobs. Finance and insurance fell by 19.7K
Trade and Transportationa and Utilities lost 147K. Retail Trade lost 91.3K. Motor Vehicles and Auto Dealers fell by 51K
Construction Fell by 82K Losses were across the board
Manufacturing fell by 85K. Durable goods showed 62K decline and Nondurables declined by 23K. Boeing added 27K due to striking workers coming back to work. As a result, the number would have been even worse without that addition.
On the plus side, Education and Healthcare rose by 52K. Healthcare and social assistance rose by 42.5K of that total. Nursing rose by 10.6K.
Government showed Federal ex Postal showed an increase of 5.6. Local governement added 1K. State govt showed a 6K gain. This is lower than usual and will probably get worse going forward especially on the State and Local levels.
This report will make watching the 6:00 PM News in the US hard to watch. The implications are startling for confidence and housing. The bright spot is can it get any worse?
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