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November's Shocking 533,000 Jobs Loss Was Actually Far Worse

U.S. nonfarm payrolls plunged 533,000 in November -- far worse than economists expected. They used words such as "almost indescribably terrible" and "dreadful" to describe the numbers, because they were much worse below the surface. Job losses in September and October were revised downward by a total of 199,000. A gauge of unemployment that takes into account discouraged workers and those whose hours have been cut back shot up to 12.5 percent. The average workweek fell to a record low of 33.5 hours in November. That's the equivalent of a loss of 300,000 jobs, according to David Rosenberg of Merrill Lynch, who has had this economic calamity accurately pegged for many months. The data suggest that the economy will contract at a 5 percent annual rate in the fourth quarter, he says. If the price of gas had not declined from $4 to below $2 a gallon, the contraction would have been 10 percent, he says. "Never before has the economy been so weak with such a de facto tax cut from lower energy prices," he says. Bottom line: this is very, very bad. (Pay no attention to the sharp rise in the stock market today. Steep bear markets, particularly in depressions, are marked by huge one-week and one-day rises or declines. It's known as panic.)

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U.S. nonfarm payrolls plunged 533,000 in November -- far worse than economists expected. They used words such as "almost indescribably terrible" and "dreadful" to describe the numbers, because they were much worse below the surface. Job losses in September and October were revised downward by a total of 199,000. A gauge of unemployment that takes into account discouraged workers and those whose hours have been cut back shot up to 12.5 percent. The average workweek fell to a record low of 33.5 hours in November. That's the equivalent of a loss of 300,000 jobs, according to David Rosenberg of Merrill Lynch, who has had this economic calamity accurately pegged for many months. The data suggest that the economy will contract at a 5 percent annual rate in the fourth quarter, he says. If the price of gas had not declined from $4 to below $2 a gallon, the contraction would have been 10 percent, he says. "Never before has the economy been so weak with such a de facto tax cut from lower energy prices," he says. Bottom line: this is very, very bad. (Pay no attention to the sharp rise in the stock market today. Steep bear markets, particularly in depressions, are marked by huge one-week and one-day rises or declines. It's known as panic.)

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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