US Gloomy Jobs Report…

By IBTimes Staff Reporter | December 03 2010 8:42 AM

The US Unemployment Rate for November came in 9.8%; worse than the forecasted and prior readings of 9.6%, while the Change in Nonfarm Payrolls for the same period shed to 39 thousand, which is lower than the forecasted 150 thousand and the prior reading of 151 thousand, while the Change in Manufacturing Payrolls shed by 13 thousand, which is actually worse than the predicted reading of 5 thousand and the prior reading of -7 thousand, plus the Change in Private Payrolls for the same period shed as well to 50 thousand from 159 thousand while the market predicted it to come in at 158 thousand.

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Now, the country's Average Hourly Earnings for November plunged to 0.0%; worse than the prior and the predicted readings of 0.2% and fell to 1.6% for the year ending November, which is worse than the market forecasts of 1.7% and the prior reading of 1.7%, while the Average Weekly Hours for November came in unchanged as already expected at 34.3.