Job Losses Greater Than Decline

I am traveling today, about to hop onto an Air Canada flight out of Vancouver — but I had to share this one WSJ article:

The job market is doing even worse than the overall economy, prompting concern inside and outside the government that deeper-than-expected joblessness could persist once the recession ends.

Breaking from historical patterns, the unemployment rate — currently at 9.5% — is 1 to 1.5 percentage points higher than would be expected under one economic rule of thumb, says Lawrence Summers, President Barack Obama’s top economic adviser. Since the recession began in December 2007, the economy has lost 6.5 million jobs, 4.7% of total employment. The unemployment rate has jumped five percentage points, while the economy has contracted by roughly 2.5%.

I have a few goodies planned for throughout the day.

Spam filter in highest setting; I’ll sift thru the net later.

Catch y’all Stateside . . .

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Source:
Job Cuts Outpace Economic Decline
JON HILSENRATH and DEBORAH SOLOMON
WSJ, July 23, 2009
http://online.wsj.com/article/SB124830700226074069.html

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