* The U.S. economy lost 537,000 jobs in November (vs. the consensus forecast for a loss of 'only' 335,000 jobs)...537K represents the country's largest single month JOBS decline in 34 years (December 1974)
* Since the beginning of 2008, the U.S. economy has lost a total of 1.91 million jobs...the 1.9 million jobs lost in the current Housing Bubble-induced RECESSION, which officially began back in December 2007, now exceeds the total amount of job losses that resulted from the 2001 Dot Com RECESSION (1.6 million)
* The current unemployment rate is 6.7%...this is the country's highest unemployment rate since October 1993
* The country's 'under-employment' rate (includes part time workers and those who are without jobs who have been discouraged + stopped looking for work) rose to 12.5% from 11.8%...12.5% is the all-time high for this measure since records began in January 1994
* The average employee's work week shrunk to 33.5 hours...this is the shortest avg work week since records started back in 1964
* In addition to the U.S. economy's ridiculously large loss of 537K jobs in November, the labor department also revised higher its unemployment figures for both September and October. The revisions brought the 3-month job loss total to 1.3 million...this is roughly equal to 2/3 of this year's total job losses and is the 3rd Highest Three-Month Job Loss Total since World War 2
- September: Job losses were revised higher to 403K from 284K (up 119K or 42%)
- October: Job losses were revised higher to 320K from 240K (up 80K or 33%)
Data Courtesy: Bloomberg and CNN Money
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