The number is . . . a much better than expected loss of 345,000 jobs.

Let’s put this into some perspective, both good and bad:

• Its the best NFP release since the crisis exploded in September 2008;
• Average hourly earnings advanced $0.02 to $18.54;
• Temporary workers continue to loss jobs, but seem to be moderating, losing only 7,000 jobs;
• Unemployment rose to to 9.4%, a 25 year high;
• Unemployment rose by 787,000 in the month to 14.5 million;
• Total job loss sine the recession started is now over 6 million;
• The broader U-6 unemployment hit 16.4%.

While many view the decelerating job losses as signaling the end of the recession, they appear to me as signaling the end of the panic period of the credit crisis. We are now in an ordinary, as opposed to historic, recession.

Category: Employment

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

301 Responses to “NFP is . . . -345k”

  1. Mises2Pieces says:

    Franklin411 @1:16, @3:07, and previously asserts that Hoover was some kind of tightwad libertarian. Not so:

    http://www.cato.org/pubs/journal/cj16n2-2.html

    See Table 1.

    Quoting from this Keynesian source:

    http://www.wwnorton.com/college/econ/ecu7/section05/case-studies.htm

    “FDR had spent much of the 1932 campaign declaring his faith in a balanced budget and blasting Hoover as a big spender.”

    Whatever your position on past causes and effects, Hoover was far from a tightwad libertarian, and FDR ran on a platform of fiscal prudence, but changed his tune once elected — and the Depression got worse throughout the ’30s in spite of all the stimulus, because the credit bubble of the ’20s left too big a debt overhang. This happened in spite of gold confiscation and inflation to debase the remaining debt load.

    The only true end was not merely the “good” WWII-level stimulus and regimentation of the national economy, but the post-war demilitarization and recovery landscape, which left the USA on top of the heap, holding 2/3ds the world’s government-held gold, and an intact manufacturing base.

    “History doesn’t repeat itself – at best it sometimes rhymes” – Mark Twain

    - M2P