My Two Cents

Terrible job report

Chris Farrell Dec 5, 2008

This is much worse than expected. Employers cut 533,000 jobs in November. That’s the most in 34 years. The unemployment rate is to 6.7%, a 15 year high. And here’s the figure to really focus on: The broadest measure of unemployment–the total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons–as a percent of the civilian is at an astounding 12.5%.

The job losses were widespread. The few brightspots–which has been true throughout the recession–is government, education and health services.

Some quick implications: The opposition to a bailout of Detroit will weaken.

The size of the fiscal stimulus plan when the new Administration comes to power has gone up.

President-elect Obama is having his first hundred days before he is sworn in. By the time late January rolls around the plan will be in place.

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