The latest overall job loss numbers showed a loss of 85,000 jobs in December and an unemployment rate remaining at 10.0%. The November and October numbers were revised as well to a gain of 4,000 and a loss of 127,000, respectively. The November gain was the first gain in 23 months. 7.2 million jobs have now been lost since this recession began.
So far for this recession, the peak has been 741,000 lost jobs in January 2009. In the 2001 recession, monthly losses hit a high of 325,000. The 1990-91 recession peaked at 306,000 losses. As you can see from the chart below, numbers peak toward the end of a recession, making employment a lagging indicator. The unemployment rate peaked at 10.8% at the end of the 1981-82 recession.
Here is a breakdown of where the job losses were as well as which sectors were adding jobs. Worst hit was manufacturing and construction, but the services sector was close to net job growth. Professional and business services added the most jobs.
Total change in non-farm payroll = - 85,000
The futures fell on the worse than expected news. In the pre-market, Boeing, JP Morgan Chase and Coca Cola were leading the Dow to the downside.
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