Bonddad analyzes the unemployment figures. Follow the link for the full analysis:
1.) The best read of job growth for the last expansion is a total of 8.2 million jobs created. 2.6 million jobs were lost in the last 4 months, or 31%. Since the recession began, we’ve lost 4.4 million jobs or 53%. There is no way to spin those numbers as anything except terrible.
2.) The number of people who worked part-time for economic reasons increased by 787,000. That’s also a ton of people. That number has increased by 3.7 million over the last 12 months — also a ton of people. That facts tells us two relevant data points. First, businesses are still cutting back sharply. Secondly, there is probably at least one more month of horrible job losses in the works; that number is simply too high for there not to be another serious round of job losses coming down the pike.
3.) Year over year, the unemployment rate of service occupations has increased from 6.7% to 9.1% the unemployment rate of natural resources, construction and maintenance has increased from 9.1% to 17.7% and the unemployment rate of production, transportation and material employment has increased from 6.6% to 13.1%.
4.) Hours worked is decreasing across a wide swath of industries.
Simply put, this is an incredibly ugly report.