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Friday, April 04, 2008


It's not as bad as you think...

...it's worse. The news today reports the bad enough news that a whopping 232,000 jobs were lost in the United States in the last three months. What they failed to report, without exception as far as I can tell, is that "population-adjusted jobs" fell not 232,000, but 232,000 + 3 x 150,000 = 682,000 jobs - almost three times as bad as the news as reported.

Actually, the news is even worse, because, as I read in the article above but didn't hear on any of the broadcast coverage, a net 914,000 American workers have lost jobs in the last 12 months. This particular article, incidentally, claims that "economists say" that "to keep pace with normal rate of population growth, the economy needs to create about 100,000 jobs a month," which is interesting because it's a whole 50% lower than previous estimates of that number that I've read. Even at that rate, that would be 2.1 million "population-adjusted jobs" lost in the last year.

And some of those same "economists" are still debating whether the country is in a recession.

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