by Calculated Risk on 12/05/2008 08:31:00 AM

From the BLS:

Nonfarm payroll employment fell sharply (-533,000) in November, and the unemployment rate rose from 6.5 to 6.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November.

Click on graph for larger image.

This graph shows the unemployment rate and the year over year change in employment vs. recessions.

Nonfarm payrolls decreased by 533,00 in November and October was revised down to a loss of 320,000 jobs. The economy has lost 1.25 million jobs over the last 3 months alone!

The unemployment rate rose 6.7 percent; the highest level since 1993.

Year over year employment is now strongly negative (there were 1.87 million fewer Americans employed in Nov 2008 than in Nov 2007). This is an extremely weak employment report and I'll have more soon ...