November “Employment Situation” Report Preview

According to the United States Bureau of Labor Statistics, their “Employment Situation” report for the month of November will be released on Friday, December 5, at 8:30 am.

In advance of that report, Reuters reports that “Private employers cut 250,000 jobs in November, an unexpectedly larger number and the biggest in seven years, while the service sector, which powers most of the economy, posted its worst slump on record.” The private sector includes businesses such as banks, airlines, hotels, and restaurants.

Reuters suggests that this number of jobs lost is a sign that the U.S. job market is “nowhere near bottom” and that “Friday’s payrolls report could exceed current expectations for 320,000 job losses in November.”

All of this in the wake of Monday’s report by the National Bureau of Economic Research that our recession actually began in December 2007.

There is good news to report. Interest rates on U.S. mortgage loans fell to an average 5.47 percent last week and mortgage applications increased by record numbers thanks to a new Federal Reserve program that promises to buy $500 billion of mortgage-backed securities from various home-financial “facilitators” which is helping to bring down home loan costs.

We’ll look forward to learning more about the November economic situation when Friday’s report is issued.

You can read the Reuters article here.

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