|Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 125,000 in June -- the first decline in six months. Today's chart puts the latest data 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. Also, today's decline in jobs provides further evidence that the current economic recovery has begun to cool.Notes:
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Quote of the Day"It's a recession when your neighbor loses his job. It's a depression when you lose your own." - Harry S. Truman
Events of the DayJuly 04, 2010 - US Independence Day
July 07, 2010 - Running of the Bulls begins in Pamplona, Spain (ends 7/14)
July 08, 2010 - US Women's Open golf tournament begins (ends July 11th)
July 13, 2010 - Baseball All-Star Game
July 14, 2010 - Bastille Day (France)
July 15, 2010 - British Open golf tournament begins (ends July 18th)
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