It was a terrible report
Clearly, bad news on the employment front…
Payroll employment down 524,000 over the month of December….
11.1 million people are unemployed, and the unemployment rate is at 7.2%….
In the last four months of the year the job losses accelerated….
The broadest measure of unemployment kept by the government–total unemployed, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers–hit 13.5%… up from 12.6% the previous month and 8.7% a year ago….
Education and health services did hold up, so did government….
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