Wow. November’s (un)employment numbers are now out, and they’re considerably worse than expected. Employers cut 533k jobs during the month, compared to the expectation of 320k. This is the largest monthly decrease in 34 years. Apparently the numbers would have been even worse, but 422k people left the workforce. Jobs losses were the worst in factories, construction, finance, retailers, and the leisure/hospitality industry. Sprinkled amongst the bad news were job gains in a handful of apparently recession-proof careers, including positions in the government, education, and health services.
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