Today, the Bureau of Labor Statistics (BLS) reported that employers slashed 533,000 jobs in November, “much higher than the 320,000 economists forecast.” BLS commission Keith Hall presented his report to the Joint Economic Committee this morning, and said that it was “one of the worst jobs reports” in the agency’s 124-year history:
HALL: If I were to characterize this jobs report I would say it’s very dismal jobs report. There’s very little in this report that’s positive. This is maybe one of the worst jobs reports the Bureau of Labor Statistics has ever produced.
CUMMINGS: And how long has the Bureau been around?
HALL: 124 years.
CUMMINGS: 124 years. And so that means we’re sliding down the slippery slope fast.