|Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 20,000 in January. Today's chart puts that decline into perspective by comparing job losses following the beginning of the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1950-1999 (dashed blue line). As today's chart illustrates, the current job market has suffered losses that are more than triple as much as what occurs at the lows of the average recession/job loss cycle. It is also worth noting that 25 months after an average recession/job loss cycle began during the second half of the 20th century, the job market recouped all losses and was already in process of adding new jobs. At the same 25 month mark during the 21st century, the job market was still suffering losses.Notes:
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Events of the DayFebruary 07, 2010 - Super Bowl XLIV
February 14, 2010 - Chinese New Year - Valentine's Day - NBA All-Star Game - Daytona 500
February 15, 2010 - President's Day - Washington's Birthday (observed)
February 16, 2010 - Mardi Gras
February 17, 2010 - Ash Wednesday
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