CHART OF THE DAY: HOW BAD ARE THE JOB LOSSES?
Today’ Chart of the Day comes to us courtesy of www.chartoftheday.com. The jobs market is worse than you think:
“Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 20,000 in January. Today’s chart puts that decline into perspective by comparing job losses following the beginning of the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-1999 (dashed blue line). As today’s chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle. It is also worth noting that 25 months after an average recession/job loss cycle began during the second half of the 20th century, the job market recouped all losses and was already in process of adding new jobs. At the same 25 month mark during the 21st century, the job market was still suffering losses.“
My green shoot spin: “In the 21st century, due to technological advancements, jobs are no longer an integral part of the American society. Americans are now becoming increasingly free to enjoy non-work centric lifestyles, as we progress towards a transcendent maximization of human resources.” GOBAMA!