The Center for Economic and Policy Research published comments on the BLS report that are worth reading, including the following excerpts:
.Employment Free Fall Continues, Unemployment Rate Jumps to 7.6 Percent
Hours worked in durable manufacturing fell at a 30.7 percent annual rate since October.
The January employment report showed the economy losing 598,000 jobs in the month. In addition, there were sharp upward revisions to the job loss figures for the prior two months. The data now show the economy losing 1,772,000 jobs over the last three months, an average of 591,000 jobs per month. All of this job loss came in the private sector, as employment in the government sector was unchanged over this period.
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The data in the household survey indicates an even more dire situation. The unemployment rate rose by 0.4 percentage points (pp) in January to 7.6 percent. The employment rate fell by 0.5 pp to 60.5 percent, a level that is already 0.7 percentage points the low hit in the 1990-91 recession. The 1.5 percentage point drop in the employment rate over the last three months is equivalent to a decline in employment of 2,800,000 people.
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On the whole this report is about as bad as imaginable.
2 comments:
But have no fear if the casino comes here, those that do have jobs and gamble will end up as bad off as those unemployed. Why would anyone want to push for a casino with the financial mess this state is in? The money will go to the states and towns, NOT in the taxpayers pockets. IF people aren't spending money becaue they don't have it to spend. The FEW jobs the casino would create would be to Indians FIRST. This again, will NOT help. Casino's are struggling. On last nights news in Vegas, they want to legalize prostitution and tax it. Now what does that tell you? Jobs are cut and people aren't gambling. This will only be more of an EXPENSE to the town for highways, etc. But, it was Jack and Wayne's worlds idea therefore, it must be a good one. Just like all their other ideas now involved the BOS and town planner. How far will all this go before the people MAKE THEMSELVES HEARD? TRY VOTING.
Bush had 8 years to bankrupt the country. Good job!
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