Nonfarm Payrolls Dropped 533,000 In November

Nonfarm payrolls dropped 533,000 in November, much more than the forecast of a 335,000 job decline. October was revised from a loss of 240,000 to a decline of 320,000, and September was revised from a drop of 284,000 to 403,000. The unemployment rate rose from 6.5% to 6.7%, the highest since October 1993 but slightly below the estimate of 6.8%. Average hourly earnings increased 0.4%, above the 0.2% forecast, and the year-over-year rate increased from 3.6% to 3.7%.