HispanicBusiness

According to "The Employment Situation for October 2008" released by the Bureau of Labor Statistics today, unemployment rate rose from 6.5 to 6.7 percent in November, and non-farm payroll employment continued to trend down very sharply (-533,000), much worse than expected and the largest monthly loss since December 1974. November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. In November, employment fell in manufacturing, construction and employment services, while health care and education added 52,000 jobs. Average hourly earnings rose by 7 cents, or 0.4 percent, over the month.

The number of unemployed rose 10.3 million in October, and the unemployment rate increased by 0.2 percentage point to 6.7 percent, a 15-year high. Over the past 12 months, the number of unemployed persons has increased by 2.7 million and the unemployment rate has risen by 1.7 percentage points, with most of the increase in unemployment occurring over the past 3 months.

In October, the unemployment rates for adult men (6.5 percent), adult women (5.5 percent), whites (6.1 percent), blacks (11.2 percent), and Hispanics (8.6 percent) increased. The jobless rate for teenagers reached 20.4 percent and 27.0 percent for Hispanic teenagers.

According to the report:

In November, employment continued to decline in manufacturing (-85,000), with widespread job losses occurring among the component industries. Manufacturing employment has declined by 604,000 since December. Within durable goods manufacturing, job losses occurred in November in fabricated metal products (-15,000), machinery (-11,000), wood products (-9,000), furniture and related products (-7,000), primary metals (-7,000), and com-puter and electronic products (-7,000). Employment in transportation equipment edged up, as a return of 27,000 aerospace workers from strike more than offset a job loss in motor vehicle and parts (-13,000). In the nondurable goods component, job losses occurred in plastics and rubber products (-12,000), printing and related support activities (-5,000), and textile mills (-5,000).

Employment in construction fell by 82,000 in November, with losses occurring throughout the industry. Since peaking in September 2006, construction employment has decreased by 780,000. Specialty trade contractors lost 50,000 jobs in November, with both residential and nonresidential components contributing to the decline.

Within professional and business services, the employment services industry lost 101,000 jobs over the month, bringing total job losses since December to 495,000. In November, employment fell by 10,000 in architectural and engineering services.

Employment in retail trade fell by 91,000 in November. Job losses continued in automobile dealerships (-24,000). Employment in the industry has fallen by 115,000 since December, with much of the decrease occurring over the last 2 months. In several other retail industries, seasonal hiring for the holidays fell short of normal in November. After seasonal adjustment, employment declined in clothing and accessories stores (-18,000); sporting goods, hobby, book, and music stores (-11,000); and furniture and home furnishing stores (-10,000). Wholesale trade employment was down by 25,000 over the month, with most of the decrease among durable goods wholesalers.

Employment in leisure and hospitality declined by 76,000 in November, with most of the decline occurring in accommodation and food services (-54,000). Since peaking in April 2008, accommodation and food services has lost 150,000 jobs.

In November, employment in financial activities continued to decline (-32,000). Within the industry, job losses occurred in credit intermediation and related activities (-16,000) and in rental and leasing services (-9,000). Job losses in financial activities have accelerated over the last 3 months, bringing the total decline since December to 142,000.

Elsewhere in the service-providing sector, employment in transportation and warehousing declined by 32,000 in November, with most of the losses in truck transportation (-12,000) and couriers and messengers (-8,000). The information industry lost 19,000 jobs over the month.

Health care employment grew by 34,000 in November. Over the past 12 months, health care has added 369,000 jobs.