Reidblog [The Reid Report blog]

Think at your own risk.
Friday, March 06, 2009
As bad as it gets (but not as bad as December or January)
The new jobless rate: 8.1 percent, is bad. The February figure: 651,000 jobs lost, is worse. But it turns out that December and January made that figure look like a walk in the park. The closing two months of George W. Bush's disastrous presidency saw the highest job losses since just after World War II:
The economy has lost 4.4 million jobs since the recession began in December 2007, with more than half coming in the last four months. Read full report.

Payrolls fell by 655,000 in January and by 681,000 in December, revised down by 161,000 from previous estimates.

The job losses in December were the biggest monthly decline in jobs since October 1949, when half a million steelworkers went on strike for higher pay.
Note, righties, when the recession began: December 2007. Bush time. Meanwhile, the figures for February are brutal:
The unemployment rate continued to trend upward in February for adult men (8.1 percent), adult women (6.7 percent), whites (7.3 percent), blacks (13.4 percent), and Hispanics (10.9 percent). The jobless rate for teen-agers was little changed at 21.6 percent. The unemployment rate for Asians was 6.9 percent in February, not seasonally adjusted.
And the losses occurred across every conceivable sector of the economy, with the exception of healthcare (up 27%):
Employment in professional and business services fell by 180,000 in February. The temporary help industry lost 78,000 jobs over the month. Since December 2007, temporary help employment has declined by 686,000, or 27 percent. In February, job declines also occurred in services to buildings and dwellings (-17,000), architectural and engineering services (-16,000), and business support services (-12,000).

Widespread job losses continued in manufacturing in February (-168,000). The majority of the decline occurred in durable goods industries (-132,000), with the largest decreases in fabricated metal products (-28,000) and machinery (-25,000). Employment in nondurable goods manufacturing declined by 36,000 over the month.

The construction industry lost 104,000 jobs in February. Employment in the industry has fallen by 1.1 million since peaking in January 2007. Two-fifths of that decline occurred over the last 4 months. Employment fell sharply in both the residential and nonresidential components of the industry in February.

Employment in truck transportation declined by 33,000 in February; the industry has lost 138,000 jobs since the start of the recession in December 2007. Nearly two-thirds of the decline (-88,000) occurred over the last 4 months. The information industry continued to lose jobs (-15,000). Over the last 4 months, employment in the industry has decreased by 76,000, with about two-fifths of the decline occur-
ring in publishing.
Ouch.

Meanwhile, the WaPo reports that the recession is crushing America's corporate icons. And the NYT's Economix blog says we're headed back to the era of "Dallas" and jherry curls.

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posted by JReid @ 10:19 AM  
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