November Job Losses Smallest Since Start of Recession

All signs are pointing to an improving economy:

U.S. job losses in November posted the smallest drop since the start of the recession and the unemployment rate unexpectedly declined, a sign the labor market is finally healing as the economy recovers. More at WSJ

Temporary workers are also on the rise, which is another positive sign. The increase in temp workers means companies need help but they are still cautious about hiring permanent workers:

The unemployment rate, calculated using a survey of households as opposed to companies, edged lower to 10% in November from 10.2%. Economists had forecast the jobless rate would remain at October's level of 10.2%, when it rose to the highest level since April 1983.

Employment fell in construction, manufacturing, and information, while temporary help services and health care added jobs.

Christina Romer warns not to get too excited yet:

The unemployment rate, which had risen to 10.2% in October, declined to 10.0% in November. This decline primarily reflects an increase in the number employed, as measured by the household survey. Despite the welcome decline, the unemployment rate remains unacceptably high. This underscores the need for the responsible actions to jumpstart private-sector job creation that the President highlighted at yesterday’s Forum on Jobs and Economic Growth at the White House.

There are many bumps in the road ahead. The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative. But, it is clear we are moving in the right direction. WH blog

Obama will speak about jobs at 11:50 am eastern. What's to come from the jobs summit? A jobs bill:

Visit msnbc.com for breaking news, world news, and news about the economy

Obama Speaks on Unemployment and Fort Hood

Updated with video:

Today at 11:30 am, Obama will speak on the unemployment rate, which ticked up to 10.2%, not a surprise and it's expected to continue to climb. (I'll post vide when it's up). GDP is up and productivity is up, which means employers are getting more out of the people who still have jobs and are holding off on hiring. Later today, at 2:35 pm, Obama will visit Walter Reed Medical Center. The visit was scheduled prior to the shootings.

Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs. Read the full government report.

The October jobs report shows a growing disconnect between a recovery in economic output and continued job losses. The economy grew at a 3.2% annual rate in the third quarter, with productivity rising at a 9.5% rate. MarketWatch

On the upside:

The report wasn't universally grim. Among the positives in the report: Payrolls were revised up by 91,000 over the previous two months. Hourly earnings increased. Average hours worked in manufacturing rose. Temp-help agencies were hiring.

The October employment report was "a mild disappointment," wrote Stephen Stanley, chief economist for RBS Securities. It was "not a disaster but certainly not as positive as we had expected. The bad news is that the jobs situation seems to have stalled out after improving dramatically through the summer." MW

Unfortunately, job losses will be something that Obama will be blamed for, fairly or not. Mitch McConnell's statement:

“I know the administration shares our goals of job creation and economic growth. But more debt, more spending, higher taxes and growing the size of government clearly has not worked—particularly in a time of double-digit unemployment.

“I hope the administration will begin to work with us to pay down the debt, reduce health care spending, and make it easier for businesses to start hiring again.”

A Washington Examiner article twittered by Senate republicans suggests that Obama is killing jobs.

Obama's Selling Stimulus in Elkhart and Fort Myers Next Week

Before Obama's TV appearance on Monday, he's planning a trip to Elkhart, Indiana, where they have a 15% unemployment rate, largely because of the loss of the RV industry. The next day he's headed to Fort Myers, Florida. Read more here.
In case you haven't heard, jobs lost in January-- 598,000, the largest loss in a single month since 1974. In January, unemployment rose 7.2 to 7.6%.