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Friday, March 6, 2009

651k Jobs Lost, Unemployment Rate 8.1%

“There is not a single sign that points to a bottom yet. It is the worst recession in the postwar era.” -Ellen Zentner

The numbers sucked. As expected. 651k jobs were lost. The revisions were especially bad. The prior month was revised down to a 655k jobs from a loss of 598k. This pushed the unemployment rate up to 8.1% from an expected 7.9%.

Since the world didn't end, it looks like a short covering bounce will be attempted right off the open...

The question is, will it stick?

Employers in U.S. Cut 651,000 Jobs; Unemployment Rose to 8.1%: “The U.S. unemployment rate surged in February to the highest level in more than 25 years and the economy lost more than 600,000 jobs for a third consecutive month, pointing to further reductions in spending.

Payrolls fell by 651,000 and revisions for the prior two months lopped off an additional 161,000 jobs, the Labor Department said today in Washington. The jobless rate surged to 8.1 percent, more than forecast and the highest since December 1983.

Tumbling demand globally is prompting companies from General Motors Corp. to Sears Holdings Corp. to step up firings, perpetuating a vicious circle of job losses and spending cuts. The Obama administration has set aside immediate concerns about a budget gap and pushed through a $787 billion stimulus plan aimed at creating or saving 3.5 million jobs.”


Anonymous said...

I wonder if these guys have a Ninja on their team?

No snow... and wicked moolah!

PermaBull said...

Will it stick? Yes, it will. I think the PPT is ready to do anything it possibly can.

Tord Steiro said...

Since the Keynesians seems to like their arithmetic so much (Krugman and Rodrik), I'll try some myself:

US$787.000.000.000 (stimulus)
3.500.000 (saved jobs)
US$224.857 pr job.

Then, I wonder, where is the stimulus? Or do Obama really believe that he is going to create 3.5 million jobs at an average wage of US$224.857 pr year?

OK, so is the net present value on these jobs probably higher than US$224.857 until the end of time, but still... Where is the real money going?

michael said...

Shouldn't we start interpolating the revisions into it:
"Job losses in January were reported as 598,000 with future revisions expected to put the final number somewhere around 800,000."

Anonymous said...

John Williams at puts the actual number at around 899,000.

That's some serious shedding.


Administrative Assistant Jobs said...

Wow that's a crazy number. Anyone that is part of that percentages needs to start a job search right away. I suggest starting with Job Nob, it's free and it lists more job openings than any other site out there.

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