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According to a private payrolls report the US private sector lost 250,000 jobs in November alone, that’s the largest decline in six years.

 

The ADP National Employment Report says the job loss again was lead by the goods producing sector, which posted its 24th consecutive monthly decline.

 

Nonfarm private employment dropped 250,000 from October to November exceeding analysts’ forecast of 200,000 job losses.

 

The ADP also revised the October job loss from 157,000 to 179,000, following Septembers decline of just 26,000.

 

The report says, the November jobs decline "offers evidence of a labor market that continues to weaken.”

 

The Labor Department is set to issue its nonfarm payrolls report on Friday and analysts expect major job losses in November.

 

This year, the US economy has shed 1.2 million jobs, and president-elect Barack Obama warned millions more could be lost next year without urgent action. The Federal Reserve echoed those comments saying the jobless rate could climb to 7.6 percent in 2009 as the economy struggles with a recession amid global financial turmoil.

 

The Business Cycle Dating Committee of the National Bureau of Economic Research or NBER, said it had determined the world's largest economy has been in recession since December 2007.

 

Although a recession is generally defined as two consecutive quarters of declining activity, the panel has its own criteria for determining a downturn.

 

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