Job Report Exceed’s But Job Chart Is The Scariest

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Calculated Risk job chart Last week’s job report showed that the  U.S. economy added 175,000 jobs in May.  And the unemployment rate increased up to 7.6 per cent. The report exceeded expectations.

 

Bill McBride of Calculated Risk wrote that “This shows the depth of the recent employment recession — worse than any other post-war recession — and the relatively slow recovery due to the lingering effects of the housing bust and financial crisis,”

I agree with Bill McBride  but don’t forget that we went through and still trying to overcome the worst economic recession since Great Depression of 1930′s.  Although, the economy seems to be improving and the recovery is gathering momentum, people tend to forget very fast the recent years where our economy came from. The economic crisis we are trying to overcome was not a one isolated country’s problem, but a problem that touched every country in some shape or form.   And unlike many previous bubbles, it was a crisis caused by collapse of global banking system that made entire global financial system extremely fragile and in turn impacted almost every sector, industry and company. Furthermore, the global financial crisis was so severe that it impacted almost every aspect of our lives, including how we do business and how we interact with each other. Calculated Risk’s  job chart is very scary, I also think every economist would agree that people tend to have short term memories when it comes to unpleasant news and forget what this chart represents.

 

 

Anna Timone (195 Posts)


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