|Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 467,000 in June. The stock market declined sharply on the news. Today's chart puts that decline into perspective by comparing job losses during the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1954-2006 (dashed blue line). As today's chart illustrates, the current job market has suffered losses that are nearly three times as much as the average. In fact, if this were an average recession/job loss cycle, the number of jobs would have begun to increase three months ago.Notes:
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Quote of the Day"If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence." - Bertrand Russell
Events of the DayJuly 04, 2009 - US Independence Day
July 06, 2009 - US Women's Open golf tournament begins (ends July 12th)
July 07, 2009 - Running of the Bulls begins in Pamplona, Spain (ends 7/14)
July 14, 2009 - Bastille Day (France) - Baseball All-Star Game
July 16, 2009 - British Open golf tournament begins (ends July 19th)
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