More "the bad news is less bad"
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.
News and information you need, from a source you trust.
In a world where it’s easier to find disinformation than real information, trustworthy journalism is critical to our democracy and our everyday lives. And you rely on Marketplace to be that objective, credible source, each and every day.
This vital work isn’t possible without you. Marketplace is sustained by our community of Investors—listeners, readers, and donors like you who believe that a free press is essential – and worth supporting.