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PUTTING THE JOBS DATA IN PERSPECTIVE

4 September 2010 by Cullen Roche 1 Comment

By Chart of the day:

Yesterday, the Labor Department reported that nonfarm payrolls (jobs) decreased by 54,000 in August — the third consecutive decline. Today’s chart puts the latest data 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. Also, today’s decline in jobs provides further evidence that the current ‘economic recovery’ remains sluggish at best.

Notes:
- The market is at a critical juncture. Where we go from here may surprise you. Find out right now with the exclusive charts of Chart of the Day Plus.

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Comments
  • mj

    @TPC:

    What is your view of the accuracy of the birth/death adjustment in the report ? Anecdotal evidence, and common sense, would indicate to me this number should be negative. Obviously, no way of proving it either way but I would appreciate your opinion. It does disturb me that the “financial media” treats the headline numbers as if they are gospel. Even political opponents of Obama, when discussing the numbers, treat them that way.

    09/04/2010 at 2:28 PM