hahaha, No, there's no fudged government numbers...200,000 more people added a few months later. CNBC removed the original report.
"The only time I've experienced this was the second quarter of 1980 where we had the credit crunch, so rather than an erosion, you have an absolute shutdown," Robert Barbera, chief economist at ITG, said on CNBC. "This is a minus-8.5 GDP kind of number."
November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.
In addition, October's job losses were revised UP (+80,000), to show a cut of 320,000, previously reported as a 240,000 loss, while September's losses were revised UP (+120,000), to a loss of 403,000 from down 284,000.
That meant 199,000 more jobs were lost in September and October than previously thought and the total reduction in U.S. nonfarm payrolls for last three months was 1.256 million, with almost 2 million shed in the year so far.
Service-providing businesses alone shed 370,000 jobs in November, following a loss of 153,000 jobs the month before.
The length of the workweek slipped to 33.5 hours, the shortest since records began in 1964, a Labor Department official said.
At this rate revised numbers for December will probably be more like 800,000.
