CNN Financial News Producer
The employment report for November is out and it’s a shocker: 533,000 jobs lost - the largest monthly job loss total since December 1974. That’s far more than the 325,000 we were expecting. That brings the total number of jobs lost so far this year to 1.9 million.
The numbers for September and October were also revised higher, which means two-thirds of this year's job losses have occurred in the last three months. And that three-month payroll loss of 1.2 million makes it the worst three-month streak in nearly 34 years (Dec ’74 to Feb ’74). The unemployment rate, meanwhile, rose to 6.7% from 6.5% in October.
Stocks are down sharply after the employment report..the Dow down more than 200 points for now.
The CEOs of Detroit’s Big Three return to Capitol Hill this morning. This time around they’ll appear before the House Financial Services Committee to make their case for a larger bailout than they asked for just two weeks ago. On Thursday, the executives – along with UAW President Ron Gettelfinger - generally faced less hostility from members of the Senate Banking Committee than they did at their last hearing, but they still heard a lot of tough questions and the bailout push clearly faces an uphill battle for approval.
Plummeting car sales have forced Honda Motor to pull out of Formula One racing, a move that could save the troubled automaker hundreds of millions of dollars, the company said today. While five automakers remain in the Formula One competition, the highest level of open-wheel auto racing, the departure of Japan's No. 2 car company raises speculation that others could follow. Earlier this week, the CEO of rival racing league NASCAR warned sponsorship revenue will grow at a slower rate next year, or even decline, as the professional stock car racing circuit gets hit by the economic slowdown and hard times in the auto industry.
Ask most Americans whether they're in favor of spending taxpayer dollars to help delinquent mortgage borrowers and you're likely to get an emphatic "No!" But the government didn't ask its citizens before it committed hundreds of billions of taxpayer dollars - and now there’s the possibility that some of the money allocated for the Treasury's Troubled Assets Relief Program will go towards bailing out borrowers. And as CNNMoney.com reports, taxpayers are mad.
Home values dropped 17% in the third quarter compared with the same period in 2007, according to the S&P/Case-Shiller Home Price Index. At the same time, property tax collections across the USA rose 3.1%, according to the U.S. Bureau of Economic Analysis.
Gas prices fell 1.6 cents to $1.773 a gallon. That’s the 79th consecutive decrease. According to AAA, the last time the national average price for a gallon of regular unleaded gasoline was near the current price was January 10, 2005, when the national average was $1.772. 3 states have regular unleaded gas prices of $2 and higher. 47 states and the District of Columbia have regular unleaded gas prices below $2.
Crude oil is holding steady this morning, after dropping more than $3 on Thursday to a 4-year low of $43.67 a barrel
China and the United States, the world’s biggest producers of greenhouse gases, are pledging more cooperation on energy and the environment. Treasury Secretary Henry Paulson wrapped up his final round of economic talks with China in Beijing today. Seven new eco-friendly partnerships were signed during the Strategic Economic Dialogue. But in less than seven weeks, a new administration takes over. President-elect Barack Obama has promised a bold new energy plan for America. Can he deliver?
Back in New York, it's not always easy to see the impact of financial crisis yet. But on one East Side street corner in Manhattan you can. Paul Nawrocki, a 30-year veteran of toy industry, is wearing a “sandwich board ad” sign around his body which states "almost homeless" and lists his job qualifications. He was laid off in February. Nawrocki commutes 60 miles into Manhattan and advertises himself for a job resume at hand. His wife has major health problems and his daughter student loans. It’s no fun being an unemployed during the holidays and time standing on a freezing street corner with a sign around you, asking for a job.
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
Questions or comments? Send an email
Want to know more? Go behind the scenes with