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My Two Cents

More "the bad news is less bad"

Chris Farrell May 8, 2009

The job loss number is still a big number. It only looks good compared to the past 6 months. It does seem to confirm other signs that not only has the economic abyss been averted (another depression), but that the economy is bottoming out.

Still, aAnother 539,000 workers lost their job and the unemployment rate rose to a 25-year high. So far this recession 5.7 million jobs have been lost, according to the BLS.

A couple of other highlights. Healthcare and education jobs rose again (by 15,000). Since the recession began in December 2007 this sector has seen an increase of almost 600,000 jobs. In sharp contrast manufacturing and construction continued to shed labor, putting the job loss at almost 2.8 million for the recession.

The total unemployment rate–including marginally attached and workers putting in fewer hours than they’d like–came in at 15.8%. That’s up from 15.6% a month ago and 8.9% a year ago. That’s a horrible figure.

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