533,000 Jobs Lost in November

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WWD reports the economy lost 533,000 jobs last month, "the steepest monthly fall since 1974 and a major hit to the most important underpinning for consumer spending." Of the half-million-plus jobs lost, "Apparel and accessories stores cut 17,600 jobs to employ 1.46 million, as department stores eliminated 3,500 positions to employ a total of 1.47 million," roughly 4%. Notes the fash trade: "Economists see employment as the single most important factor underlying consumer spending, which continued to fall last month. On Thursday, chains across the price spectrum reported dismal comparable-store sales despite a Black Friday sales boost." [WWD, subscription req]