Non-Farm Payrolls Slashed by 533,000

The employment picture has been progressively worsening as the current recession deepens. The latest non-farm payroll numbers announced this morning were downright ugly. Down 533,000 jobs, the worst monthly job loss since December 1974. The problem is that the job losses are accelerating. It would not be surprising at this point to see a monthly job loss total that exceeds 600,000 jobs in January.

CNBC's Steve Liesman on the Non-farm payrolls report

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U.S. Payrolls Slashed 533,000; 6.7% Jobless Rate Highest Since 1993

· Nonfarm payrolls were slashed during November by the most during any one month since December 1974. The 533,000 decline followed shortfalls of 320,000 and 403,000 during October and September, both of which were larger than reported earlier by the Bureau of Labor Statistics. Also, the latest exceeded Consensus expectations for a 323,000 drop. So far in 2008, nonfarm payrolls are down 1.9 mil., or 1.4%.

· During the last three months, payrolls fell at a 3.6% annual rate. That is the quickest rate of decline since during the recession of 1980.

· The unemployment rate rose further to 6.7% last month, the highest level since October 1993. The increase fell short of Consensus expectations for a rise to 6.8%. The jump owed to a 673,000 drop in employment (-1.6% y/y), as measured in the household survey, and the latest monthly decline in household sector employment was the ninth this year. It was the largest since the recession of 2001.
















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