663,000 jobs lost. This was actually good news for me as I was worried that the more pessimistic estimates of 750,000 jobs were likely to be correct. See, it pays to be a pessimist! This is gruesome, but remember what I posted on yesterday, unemployment is going to be on of the last things to get better. Which, of course, is bad news for Oregon which has a high unemployment rate already and, more importantly, has revenues that are heavily dependent on income taxes.
So, based on this, national number I am predicting an 11.5% rate for Oregon when that data is released on April 13th. Remember, I am a pessimist.