by Martin D. Weiss, Ph.D. 05-11-09
On Friday, the Bureau of Labor Statistics announced that job losses were running at a slightly slower pace than in the first quarter. So Wall Street cheered.
But it’s a joke, and the 539,000 additional Americans out of work aren’t laughing.
Nor are the 23 million people — 15.8 percent of the work force — who are officially unemployed … are struggling with lower paying part-time jobs … or have given up looking for work entirely.
Look. In December 2007, there were 138.1 million jobs in America. Now, there are only 132.4 million.
So even if you accept the government’s tally of the narrowest unemployment measure, 5.7 million jobs have been lost.
Plot those figures on a chart and the picture is absolutely unambiguous: Jobs in America are collapsing. Right here and now!
Where’s that “slightly slower pace of collapse” they’re raving about? You’d need a microscope to see it. FULL STORY.