Gallup is reporting that the U.S. payroll population employment rate (P2P) for the month of November dropped 2 percentage points from October to November:
The U.S. Payroll to Population employment rate (P2P), as measured by Gallup, was 43.7% for the month of November, down from 45.7% in October. This is the largest month-over-month decline in P2P since Gallup began tracking it in January 2010.
Gallup notes that the P2P is not seasonally adjusted, meaning that it does not consider employment that is part-time or temporary, for example. Its analysis is based on 29,000 Americans over the age of 18 and work at least 30 hours per week throughout each month. Gallup concludes:
November’s P2P decline likely results from workers becoming unemployed or dropping out of the workforce altogether. Gallup’s U.S. unemployment rate increased in November to 7.8%, while the number of people active in the workforce — either working or not working but actively seeking employment — declined more than a full percentage point to 67.2%. The size of the workforce is also down compared with November 2011, when it was 67.7%.