WH Econ Adviser: Job Market Is Really Bad [Bernstein Slides Displayed Severity of Job Market’s Woes]

Reuters Blogs ^ | October 20th, 2009 | by: James Pethokoukis

[griswold3]

My small business will never display the ‘Blue Eagle’.
What people learn from history is that people don’t learn from history. This is another attempt at central planning. Ray Moley, FDR brain trust, knew you could never implement central planning without declaring martial law.
Still amused at seeing Paul Krugman on Sunday talking about the bewilderment of the Obama Administration as to what is the ‘mystical force’ holding back recovery! The ‘merchant class’ is opting out. Who cannot see the ‘Too Big to Fail’ entities are simply getting BIGGER? And we’re paying for it! The massive deficit spending IS a tax increase (devaluation of the dollar).
Everything old is new again. But this time we have better methods of communication.

[No Truce With Kings]

Also thanks for the ping.

[FromLori]

Before you decide whether Joe is just shooting his mouth off or he’s onto something, read this , this and this.

http://www.freedomsphoenix.com/News/060113-2009-10-20-biden-its-a-depression-for-millions-of-americans.htm

[TopQuark]

"Everything old is new again. But this time we have better methods of communication."

Very true. But this gain is offset by the fact that we have a more ignorant public.

[griswold3]

“A wealth of information. A poverty of knowledge.”

[Reverend Wright]

I understand the point about this recession is more severe than other recent recessions. I believe the closest comparison is 1920-21 which was the most severe of the last century, except for the Depression.

Here are the monthly employment numbers for 1982-83. The NBER called the end of recession in Nov 1982. The first month of employment growth in Jan 1983.
1982 90557 90551 90422 90141 90096 89853 89510 89352 89171 88894 88770 88756
1983 88981 88903 89076 89352 89629 90007 90425 90117 91231 91502 91854 92210

Here are the monthly employment numbers for 1991. The NBER called the end of recession in March 1991. Notice that the first months of back to back employment growth were in July 1991.

1991 109001 108695 108535 108324 108196 108283 108236 108251 108286 108298 108240 108263

Here are the monthly employment numbers for 2001-2002. The NBER called the end of recession in Nov 2001. Notice that the first months of back to back employment growth were in Sept 2002.

2001 132469 132530 132500 132219 132175 132047 131922 131762 131518 131193 130901 130723
2002 130591 130444 130420 130335 130328 130373 130276 130260 130205 130331 130339 130183

Rather an ungainly post, but the point is, when they say employment is a lagging indicator, they are not kidding.

[WOSG]

See also:

http://travismonitor.blogspot.com/2009/10/jobs-recession.html

[dools007]

Thanks. I have seen them. Don't expect the networks or cable faux “news” outfits—except maybe Fox—will ever share the material with the American Public.

On the other hand it appears Americans in increasing numbers are “getting it” even without the fancy charts. They seem to be finally waking up to the fact that The Marxist Onada’s propaganda does not jibe with what their eyes and brains are telling them.