The US August unemployment report came out today and it shows that nation's unemployment rate essentially holding steady at 9.6% (up from 9.5% in July). More importantly perhaps it shows that the economy lost another 54,000 jobs. But there is a silver lining, albeit thin: the private sector actually added 67,000 jobs. Unfortunately this level of growth is anemic and will not do anything to dent the unemployment rate. So we wallow in the swamp at the bottom of this recession, still looking for something to lift us out. I suppose the takeaway is that it still looks to me that we are stuck in a U shaped recession rather than a double dip recession.
1 comment:
That second graph is alarming. I'm glad the pros are finding hopeful signs in these numbers; I look at that graph and it looks like a classic dead-cat bounce.
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