The latest unemployment numbers are out from the Bureau of Labor Statistics, and they show just how different the economy of April 2009 is from April 2008. Quoth the New York Times:
The United States economy lost 539,000 jobs in April, the government reported on Friday, a sign that the relentless pace of job losses was starting to level off slightly but was still nowhere near ending.
A year ago, the loss of more than half a million jobs in a single month would have seemed like a disaster for the economy. On Friday, experts were calling it an improvement.
How different is the world today? Back in April 2008, the economists were still debating whether or not we were in a recession at all.
These April job losses bring the total number of jobs lost since the beginning of the recession to 5.7 million, if you’re counting.
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As far as jobs are concerned, the sky is still falling at about the same rate. The unemployment figures for March and February were both revised up significantly. Furthermore, this figure includes a "seasonal adjustment" on the order of 60,000 fewer lost jobs and also includes the 60,000 people who were hired for the 2010 census. See http://www.nakedcapitalism.com/2009/05/guest-post-april-unemployment-figures.html for more info.
Posted by Evan on May 8, 2009 at 9:43 PM
Posted on May 8, 2009 at 9:43 PM
It's shocking to note that unemployment among African Americans is now 15%, and that the April unemployment figures reflect a heavily disproportionate impact on African Americans.
The numbers are awful, and I hope that the mostly moderate measures we have taken so far to address the crisis can keep the economy afloat until the country elects two or three more senators who favor more fundamental change.
Posted by Daniel Cardozo on May 12, 2009 at 12:43 PM
Posted on May 12, 2009 at 12:43 PM