Financial markets don't move at the same pace as economic information, so people can argue whether the market has already priced in persistent unemployment, or if the stimulus will actually stem or reverse job losses (pardon me if I have a hard time keeping a straight face writing that last part!). Still, it's good to look in on what these folks are saying, so here goes:
Chart of the Day: Job losses are over 6 times average September 4, 2009
Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 216,000 in August. Today's chart puts that decline into perspective by comparing job losses during the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-2006 (dashed blue line). As today's chart illustrates, the current job market has suffered losses that are more than six times as much as average (20 months after the beginning of a recession). In fact, if this were an average recession/job loss cycle, the number of jobs would have begun to increase five months ago.
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