The November payrolls number just came out, blowing away almost all estimates at a loss of 533,000 jobs in one month! The services sector, which had been holding up until only a couple of months ago, shed over half of those jobs.

September was also revised down to 403,000 job losses, and October was revised to 320,000 job losses, for a total of job losses in just 3 months of 1,250,000 jobs!

Job losses were the worst one month number since the depths of the (awful) 1974 oil-shock recession. Comparisons to the 1982 recession/depression are also being made.

The economy is in free-fall.

P.S. This free fall started in September. That month, like the months of late 1929, will be studied for decades. I will post a "first draft of history" explaining what happened to cause a decline confined to Wall Street and housing borrowers to metastasize into general collapse this weekend. I am calling it "Black September."