Go to http://stats.bls.gov/ to see today’s lead story on the Bureau of Labor Statistics web site. The economy lost 345,000 jobs in May, a welcome relief from the 600.000+ average for most recent months. But the unemployment rate rose to 9.4%.
Job Growth
(Click on chart to enlarge)
Recessions shaded
You can see the seriousness of the situation. Few recessions – certainly no recent ones – have generated 500,000+ job losses. We’re glad May’s figure is only 345,000, but that’s as bad as the worst of the dot-com bust.
It will be some time before the economy enjoys job gains. Meanwhile the unemployment rate will rise.
(The chart was taken from http://www.beyourowneconomist.com. [Click on Seminars and then Charts.] Go there for additional charts on the economy and a list of Economic Indicators.)
© 2009 Michael B. Lehmann
You can see the seriousness of the situation. Few recessions – certainly no recent ones – have generated 500,000+ job losses. We’re glad May’s figure is only 345,000, but that’s as bad as the worst of the dot-com bust.
It will be some time before the economy enjoys job gains. Meanwhile the unemployment rate will rise.
(The chart was taken from http://www.beyourowneconomist.com. [Click on Seminars and then Charts.] Go there for additional charts on the economy and a list of Economic Indicators.)
© 2009 Michael B. Lehmann
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