… you can find it in today’s jobs report from the Bureau of Labor Statistics:
Nonfarm payroll employment fell sharply (-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 reported today. November’s drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November.
In other words:
- November was the 11th month in a row in which the economy saw job losses.
- More than half a million workers lost their jobs last month — the biggest one-month employment drop in 34 years.
- BLS now says that its report of 240,000 lost jobs in October was incorrect; the total for that month has now been raised to 320,000.
- BLS now says that its report of 159,000 lost jobs in September was also incorrect; the total for that month has now been raised to 403,000 (!).
- The total number of lost jobs for 2008 now stands at 1.9 million — 1.25 million of which were just from the last three months — and we still have one more month left in the year.
In response to the deepening crisis, President-Elect Barack Obama stated that the time has come to “transform our economy to improve the lives of ordinary people”:
The 533,000 jobs lost last month, the worst job loss in 34 years, is more than a dramatic reflection of the growing economic crisis we face. Each of those lost jobs represents a personal crisis for a family somewhere in America. Our economy has already lost nearly 2 million jobs during this recession, which is why we need an Economic Recovery Plan that will save or create at least 2.5 million more jobs over two years while we act decisively to maintain the flows of credit on which so many American families and American businesses depend.
There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better. But now is the time to respond with urgent resolve to put people back to work and get our economy moving again. At the same time, this painful crisis also provides us with an opportunity to transform our economy to improve the lives of ordinary people by rebuilding roads and modernizing schools for our children, investing in clean energy solutions to break our dependence on imported oil, and making an early down payment on the long-term reforms that will grow and strengthen our economy for all Americans for years to come.
Unfortunately he’s not going to be President until January 20th, which means we have 46 more days before he can actually start making that transformation happen. Until then the economy is still in the hands of George W. Bush.
Happy Friday! (sigh)
Comments (1)
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Hi, all I was just wondering how can I get in the union without any experience, I don't have a job at this moment so i need some kind of income. thanks
Posted by Doug on December 6, 2008 at 3:43 PM
Posted on December 6, 2008 at 3:43 PM