Saturday, September 4, 2010

A really scary job losses chart….

image
from businessinsider.com

The key thing to realize about [yesterday’s] good jobs report is that it was only good relative to expectations. Private sector job creation of 67,000 is not that impressive in any real sense.

And indeed, the latest update of the scariest jobs chart ever from Calculated Risk -- which shows how deep these jobs losses are compared to past recessions -- shows this comeback still isn't anything like past comebacks, and it will be ages before we get back to even.

[The Christian Science Monitor reports that if the public and private sectors created 100,000 jobs per month, the unemployment rate will not go down. Some estimate that we won’t be back to a reasonable unemployment rate until 2017! – JS ]