Unemployment: 7.2%

The unemployment rate rose from 6.8% to 7.2% while the nonfarm payroll employment declined by 524,000. The following graphs give some idea of the gravity of the situation,

This article has some additional grim news,

“There is no end in sight in terms of layoffs,” said economist Ken Mayland, president of ClearView Economics. “January could be worse because some companies put layoffs on hold because of holiday sensitivities.”

Not only are employers slashing jobs; they also are cutting workers’ hours and forcing some into part-time work. The average work week in December fell to 33.3 hours, the lowest level on records dating to 1964 — and a sign of more job reductions in the months ahead, economists said.

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Steve Verdon
About Steve Verdon
Steve has a B.A. in Economics from the University of California, Los Angeles and attended graduate school at The George Washington University, leaving school shortly before staring work on his dissertation when his first child was born. He works in the energy industry and prior to that worked at the Bureau of Labor Statistics in the Division of Price Index and Number Research. He joined the staff at OTB in November 2004.

Comments

  1. steve s says:

    The GOP had the white house and congress for 6 consecutive years only twice in the last century. Once was right before this economic calamity. Guess when the other time was.

  2. Drew says:

    If you want to play the game that way, steve s, then the Democats have been in charge of Congress the last two years…Congress sets the tax, spending and regulatory environment…..and the shixt hit the fan. Their fault.

  3. Brian says:

    There’s plenty of blame to go around. How about solutions?

  4. steve s says:

    only 2 times. 2000-2006 and_________?

  5. Steve Verdon says:

    1929.

    steve s, have you stopped beating your wife?