Net jobs added/lost Chart
This chart shows the progression of the net gain/loss of jobs in the U.S. economy. You can see how the recent downturn was much deeper than the one we saw in the 2001 recession. You can also see the blatantly obvious, multi-month improvement in the figures. While we’re still losing jobs, we’re losing fewer and fewer each month. The evidence is incontrovertible.
{ 5 comments… read them below or add one }
Hi Mike,
Could you please share with us what service provides the charts like the one in this blog post you use – it would be appreciated.
Thanks,
Chris in Chicago
Sorry for the delayed response. I actually use Bloomberg charts and data in most instances. Thanks.
Mike– Do you know how it was possible for week, after week, after week…. for there to be 500,000 NEW claims (2,000,000 new claims per month) every week for unemployment benefits for something like 8 months in a row, yet BLS reported only 200,000 job losses during each of those months?
How in the world was it possible that 1,800,000 jobs were created every month (2,000,000 – 200,000) during the worst part of the past 8 months? This is the only way to say there were only 200,000 jobs lost in a month when 2,000,000 new applicants for unemployment benefits were filed during those months.
I have never heard an economist addess this simple arithmetic issue. Maybe you, or anyone else reading this blog, knows the answer?
Thanks. –MichaelM
Hi Mike, I really enjoy reading your columns and all the hard work you put in….Really educational to read them…..
On Friday, the USD index shot up and there’s a a growing number of people out there (people betting on the Chicago options) thinking that the Fed may raise interest rates in June of 2010…I think the percentage grew to over 50%…I have no way to verify it…
I thought it was rather strange, though I’m not a professional in this field….
What do you think? I read your past columns and I agree with what you write concerning FF rates……
I was thinking they would remain constant for a long time… Even Fed people were saying similar things in public recently.
hero
No one is disputing the fact that the rate of job losses is lessening. What I’m saying is that a trend of lessening job losses is not necessarily positive, and the media is deceptive in its headlines. The report means nothing. A local radio talk show host this morning used an excellent example. To paraphrase, he said if you were to slash your wrists, the blood loss would slow down because you would eventually run out of blood (duh!) but obviously wouldn’t be positive, and to say it is positive because the blood flow is less is absurd and meaningless. The same is true about this garbage being spun by the media. There are less jobs to lose, so obviously there are going to be less job losses. Doesn’t mean the economy is getting better or that people are finding jobs that will result in a sustainbly robust economy. Also, temporary hiring is just that — temporary. I know what kinds of jobs are out there right now when I talk to recruiters.