Job Losses More Than Expected

Job losses were more than expected once again in December. Nonfarm payrolls fell by a seasonally adjusted 85,000 in December following a revised 4,000 gain in November. During all of 2009, payrolls or job growth fell by 4.2 million – one of the biggest in history. Since the recession began two years ago, payrolls have fallen by 7.3 million. Next month, the government will incorporate annual benchmark revisions that will likely push the total job loss to more than 8 million. Official unemployment rate remained at 10%. Futures are taking a hit on this news.