Today the Bureau of Labor Statistics reported thatÂ Â the private sector was barely creating any jobs at all, while government agencies continue to shed thousands of workers. Average hourly wages fell, and so did the number of hours on the job, which means the average paycheck was lighter.
The employment picture has not been pretty this time around. Here is how today’s unemployment rate compares to past recessions:
Taking a closer look at the education of the unemployed, we can see less education equals higher unemployment:
This has been an ongoing issue and further proof that China has been manipulating its currency in order to achieve an advantage in global trade.Â Manufacturing jobs are still heading overseas, and will continue to do so until the US finds a way to rebuild its manufacturing base (while staying competitive globally) or Congress enacts tariffs on Chinese products. Neither will be an easy solution and this is why the current employment recession still looks bleak.
(charts courtesy Calculated Risk)