The Labor Department November jobs report initial estimate of job losses was 11K (eleven thousand) and unemployment rate fell .2% to 10.0%. This is the lowest number of monthly job losses since the recession began in December, 2007. These numbers are closely followed as a barometer of the health of the US jobs market.
The Labor Department issues a job report on the first Friday of each month, estimating job statistics. This initial estimate is refined as additional numbers become available during following months.
Summary Key Statistics:
* 11K job losses as opposed to about 130K average of analyst estimates and last month 110K.
* Unemployment rate fell to 10.0% from 10.3% in October.
* Approximately 15.4 Million are seeking jobs.
* Underemployment rate fell to 17.2$ from 17.5%. This underemployed rate counts workers who have part time jobs but looking for full time or have been laid off and have stopped seeking jobs.
* Temporary jobs went up by 53K. This is good sign as coming out of downturn companies initially hire temps.
As a further positive, job losses for both September and October were revised lower by about 80K each.
While the November number indicates substantial improvement, many economists estimate further job losses continuing into next year with double digit umemployment rate,
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