U.S. nonfarm payrolls plunged by over half million, a bad surprise of 533,000 job losses in November. This is the worst job loss in 34 years according to the Labor Department.
Since the recession began 11 months ago, nearly 2 million jobs have been lost. As per marketwatch story, The unemployment rate rose from 6.5% in October to 6.7% in November, the highest jobless rate since October 1993. Although the market expected to hear bad news from the November employment report, no one expected news as bad as we got. Economists expected job losses of around 350,000 in November.
Job losses in September and October were revised sharply lower by a total of 199,000. The October number was revised lower to -320,000 from an originally reported -240,000 while the September number was revised lower to -403,000 from -284,000.
All stock futures have turned lower.
Profitable trading, OP
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