Today’s announcement of 7.2% unemployment is remarkable in a bad context. Yet, I do appreciate the AP writer’s opening sentence (my color): The nation’s unemployment rate bolted to 7.2 percent in December, the highest level in 16 years, as nervous employers slashed 524,000 jobs. Dramatic, wouldn’t you say? Look, it is bad and most people realize that fact, but this type of fear-mongering is over the top. How about the third graph: For all of 2008, the economy lost a net total of 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost. That was the first half; here is the second half (can’t… Read More
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