Nonfarm payroll employment down 533,000 in November. (Full text)
No nice way to spin that news. The things I'm reading lead me to expect December to be nearly as bad.
I'm giving a seminar in a bit, so I don't have time for more now. Hopefully more time this weekend.
UPDATE: David Henderson at EconLog points out that the 533,000 is a smaller percentage of the labor force than it was in the 1970s. True. That's one of the aspects of the problem I intend to think about this weekend. Also, see the comments to his post for more discussion. I think it is safe to say that in percentage terms the job losses from this recession are going to exceed the last two recessions, and rival those of the '70s and '80s. More later.
No nice way to spin that news. The things I'm reading lead me to expect December to be nearly as bad.
I'm giving a seminar in a bit, so I don't have time for more now. Hopefully more time this weekend.
UPDATE: David Henderson at EconLog points out that the 533,000 is a smaller percentage of the labor force than it was in the 1970s. True. That's one of the aspects of the problem I intend to think about this weekend. Also, see the comments to his post for more discussion. I think it is safe to say that in percentage terms the job losses from this recession are going to exceed the last two recessions, and rival those of the '70s and '80s. More later.
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