Job losses in November were the highest since 1974 with 533,000 jobs lost. That brings the year to date total to 1.9 million and the unemployment rate jumps to its highest since 1993 at 6.7%.
Also, job losses for September and October were revised higher at 403,000 and 320,000 respectively. Just in the last three months 1.3 million jobs have been lost.
The job losses in this recession have now surpassed the 2001 recession by 300,000 jobs. One big difference from 2001 though is that when the tech bubble burst the job losses were confined to mostly one sector, this time they are spread out throughout the economy. The labor department confesses this may be one of the worst reports they've ever had.
Analysts expect more job losses over the next 3-6 months while Obama's team works on getting an economic stimulus plan put together for approval immediately after he is sworn in. That package is projected to be around $600 billion. The printing presses are running overtime.
The so-called under employment rate, which includes part-time workers and those that have become discouraged and stopped looking for work has risen to an all-time high at 12.5%
California may resort to depression era IOU's as the recession hits particularly hard there.
Oil hits $40 a barrel and gasoline futures traded as low as .92 cents. Prices at the pumps are generally 60-70 cents higher than futures prices, signaling some relief for consumers at the pump.