Non-Farm Payroll Numbers So Bad that Even Larry Kudlow Will Need to Put Aside His Unbridled Optimism

Non-farm payroll number suggest that the U.S. recession is getting worse, with non-farm payrolls plunging by 533,000 last month - losses not seen since 1981-1982. The downturn is much more severe that any downturn of anyone living, however, as the numbers were reached with alarming speed. The pullback demonstrated in the non-farm payrolls is broad-based, including manufacturing, construction and most service industries. Excluding a 7000 rise in government payrolls, private-sector employment would have plummeted even further.

The numbers now are significantly worse than even the outlier downside economist predictions as recently as yesterday.

Economists now see unemployment going to 8% quickly, and the Fed driving interest rates down from its 1% level by as much as 50 basis points when it meets on December 16.

There is no silver lining here. The economy is dreadful and getting worse. People like Larry Kudlow need to put aside their unbridled optimism and get real.