|Today, the Labor Department reported that nonfarm payrolls (jobs) increased by 162,000 in March -- the largest increase in three years. 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 previous job market declines did not tend to end abruptly but rather flattened out before moving back into an expansionary phase. Today's relatively positive jobs report provides an early indication that the current job market is moving from a phase of stabilization to that of expansion.Notes:
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Quote of the Day"The person who knows how will always have a job. The person who knows why will always be his boss." - Diane Ravitch
Events of the DayApril 02, 2010 - Good Friday
April 04, 2010 - Easter
April 05, 2010 - NCAA men's basketball championship
April 06, 2010 - Masters golf tournament begins (ends April 12th) - NCAA women's basketball championship
April 12, 2010 - Pulitzer Prizes announced
April 15, 2010 - Personal income taxes due (US)
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