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USA: Awful employment report
Fri, Dec 5 2008, 16:00 GMT
by Peter Possing Andersen, Signe Roed-Frederiksen
Overview: US companies are shedding jobs fast in order to adjust to the rapid retrenchment in demand. The employment report revealed a job loss figure of -533K (DB: -380K, Consensus: -333K) in November, but also carried net revisions of -199K to September and October. The unemployment rate showed a more moderate increase to 6.7% (DB: 6.8%, Consensus: 6.8%) up from 6.5% in October. However, this is due to a -422K decline in the labour force.
Details: The 533K drop in employment in November was even worse than the indications from various la-bour market indicators received over the past week. Private sector employment declined by 540K on the month with weakness especially evident in the service sector. Manufacturing lost 85K jobs, slightly less than 104K in October. The service sector shed 370K jobs, with retail trade and business services espe-cially weak, including a 78K drop in temporary help services.
Published on Fri, Dec 5 2008, 16:02 GMT
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