By CountingPips.com
U.S. Nonfarm Payrolls employment data released today showed that jobs fell by only 11,000 workers in the month of November. The Department of Labor nonfarm payrolls report showed an employment decline for the twenty-third straight month but November marked the best month for job results since December 2007 when the economy added 120,000 jobs. The unemployment rate decreased after 
climbing to a 26-year high in October to mark its highest standing since June 1983.
The employment results were much better than than expected as market forecasts were predicting a drop of approximately 120,000 jobs. The payrolls report in October declined by a revised 111,000 jobs after the initial government estimate of a 190,000 jobs lost.
The unemployment rate fell by 0.2 percent in November to 10.0 percent as the number of unemployed persons dipped a bit to 15.4 million. Market forecasts had predicted that the unemployment rate would stay the same.
The service-providing sector led the way in job creation for November with a gain of 58,000 jobs as the professional & business services sector created 86,000 jobs and the education & health services sector added 40,000 workers. Retail trade lost 15,000 jobs and leisure and hospitality cut 11,000 workers.
The goods-producing sector was the hardest hit by job losses for the month as this sector lost 69,000 total jobs with the manufacturing sector cutting 41,000 jobs and the construction sector losing 27,000 jobs. Government hiring added 7,000 workers in November.
