Posted on 06/04/2010 7:49:10 AM PDT by blam
CHART OF THE DAY: The Scariest Job Chart Ever Just Got Even Scarier
Joe Weisenthal
Jun. 4, 2010, 9:45 AM
We've dubbed this chart the "Scariest Job Chart Ever," as it shows how the decline in employment is WAY uglier than in past recessions.
Calculated Risk has updated it with the latest numbers from this morning, and now it looks even scarier.
Why?
Check out the two red lines at the bottom. The solid one includes Census hiring, while the dotted line doesn't include it.
What's clear is that while we still have a rebound including Census hiring, we're already flattening out on the dotted line. This is a shape not seen on the other lines. suggesting that the fall is extremely deep, and the recovery is shallow.
[snip]
(Excerpt) Read more at businessinsider.com ...
That graph is mistitled isn’t it?
I see “clusterstock”. Shouldn’t it be “clusterf...”?
and yet the chart clearly shows an uptrend....
Let’s ignore the facts.
Nittering nabobs of negativity.
Article from the Ticker Guy, Denninger, posted just a bit earlier.
“Non-Farm Payrolls 6/4: OUCH”
http://www.freerepublic.com/focus/f-news/2527712/posts
Are you sure thats not a wiring diagram for a Gibson Les Paul?
Yeah.... If the government would only hire MORE people, we could probably be back at ‘full employment’ almost overnight! lol
The delusional, lying Commie needs to be impeached.
And the Stimulus has worked ......... SARC..............
Let’s ignore the facts.
Nittering nabobs of negativity."
Did you even read it?
Look at the dotted line, the one that doesn't take into account the census hiring. Temp government jobs may make Obama look good but they do not reflect a rebounding economy.
take your horse sh*t somewhere else, troll.
barqy is either in an information bubble or is a really good liar. I tend to think he is in a bubble. His handlers are wrecking the country while telling him that his policies are working. He gives speeches written for him, lives like a king on our dime, party’s like a rockstar, and is generally led around by the nose.
He’s the frontman. He is so isloated from reality that he probably believes the crap he is selling.
Naw. You go ahead. You're doing such a good job for the rest of us.
I wonder where the curve for the Great Depression would fit on that graph.
No, wait - the red one is a pretty good match.
Not when you subtract the temporary government make work jobs. An economy cannot support a larger public sector work force than a private one.
Small sample size.
There were recessions in the 1800’s which clearly had large employment losses just like this one. 1873 and 1896 both come to mind. The panic of 1907 was probably pretty bad too, and 1920 was definitely bad. The 1944-1946 recession saw a drop in employment of over 10%, a GDP drop of over 10%, and a drop in industrial production of over 33%. The arbitrary looking at only post-WWII recessions simply limits the opportunities to find comparable economic circumstances.
Also, breaking the 1979-1982 recession in two makes the employment losses then look better than they were. Unemployment troughed at 5.6% in 1979 and peaked at 10.8% in 1982. In the current recession we’ve gone from 4.4% to 10.2%.
The 1973-75 recession and the 1979-82 recession were very bad because of the wrenching industrial transformation they created, but not for employment in aggregate numbers because the enormous supply of baby boomer job entrants created its own demand through the base-economic consumption of adults for food, clothing, transportation, and housing.
Employment growth has been anemic since 2000 because (a) the employment entrants are the baby-busters of the 1970’s and early 1980’s, and (b) the number of baby-boomer retirees has been accelerating ever since the leading edge of them hit 55 years old (government retirement age) in 2000, and (c) technological progress from computing is eliminating entire sectors of the workforce like engineering draftsmen and secretaries. Without taking into account those circumstances, its difficult to directly compare the numbers of employed persons since 2000 with previous eras.
1989-2003 was a period of high relative fertility. This wedge of new young people is about to enter the workforce over the next decade and will be accompanied by young adult hyper consumption. It will create its own economic boomlet.
This shows recessions since 1948 and yet everyone has acknowledged the current recession is the worst since WWII... Personally, I would be surprised if the chart didn’t look like this!
Don’t get me wrong, although our economy is self-correcting... a meddlesome government can cause a capsize. I’m still very concerned about our future.
looks like a zalgobama chart to me.
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