The upcoming November employment report is expected to show a loss of another 350,000 jobs, according to analysts. A decrease of 350,000 would be the largest drop since May 1980, when more than 400,000 jobs were shed.

Economists are basing their forecasts in part on high levels of first-time filings for state unemployment insurance benefits. These weekly initial jobless claims have vaulted over the half-million mark -- up more than 50% from last year -- and are way the level of about 300,000 that is seen as consistent with healthy job growth.

In October, payrolls fell 240,000. If the monthly employment report does show a drop of 350,000, then total jobs lost for the four months ended in November will reach more than one million.

Analysts are expecting a fourth consecutive month of contraction in manufacturing, which in October reached its lowest level since 1982.

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