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Job losses continue to slowly decline (2)

I'll say the same thing as last month about this chart. According to the ADP survey, job losses in November were lower than the previous months, but the corresponding job loss number to be released this Friday is likely to be not quite as low as the market is currently expecting (-123K according to Bloomberg). Nevertheless, the important thing is that we are seeing continuing improvement, albeit of the slow variety. This supports the widely held view that the unemployment rate is going to remain uncomfortably high for quite some time—well into next year.

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