Further labor market deterioration was evidenced by another drop in nonfarm payroll employment (331,000 jobs) in November. In addition, revisions to the October data show that month’s decline to have been larger than previously reported (468,000 rather than 415,000). Nonfarm payroll employment peaked this March and has been declining steadily since.
Suggested citation: "Labor Markets," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-12, pp. 12, 12.01.2001.