A much improved employment environment was highlighted by the November employment report by the Department of Labor, with nonfarm payrolls contracting by only 11,000 jobs. This is the fewest number of jobs lost in a single month since December of 2007. A consensus estimate was for loss of 100,000 making for a welcome positive surprise on the job front.
In addition, unemployment declined back to 10 percent, beating expectations of an increase to 10.2 percent.
The Securities Industry lost 900 jobs in November — coming off of a stronger October 2009, which saw 2,700 jobs being created. This relatively benign loss is nevertheless encouraging with the job market in this industry appearing to be establishing a bottom.
September represents the year-to-date low point for total employment at 776,100 workers and so far the employment numbers have held above that level.