Home > political-economy, shorter work time > Nothing’s working, and neither are a growing number of us…

Nothing’s working, and neither are a growing number of us…

The pictures are beginning to get quite ugly.

The labor force continues to shrink: It is now about the same as the bottom of the 2001 recession, and first reached this level around 1999. People are not only being forced out of their job; they are being forced out of the economy.

(Click on the graphs to enlarge)

Net job growth for the previous decade is ZERO.

NFP - sep09 - fredgraph

Hours of work have dropped even more forcefully.  Work has been falling even faster than jobs, which means productivity is likely off the charts:

AWHI - sep09 - fredgraph

The most accurate measure of unemployment has now topped 17%. Even as people are left homeless, millions go without jobs. This is labor utterly cut off from work.

U-6 Sept09

An updated look at our Dragon King projection for unemployment in this cycle: Thus far (two months) it seems to be closely tracking this actual unfolding catastrophe. We projected that unemployment would have risen approximately 5.25% over 2007 levels at this point. The actual rise has been 5.2%.

dragonking-sep09

Finally, the Bureau of Labor Statistics has disclosed that it will be adding approximately 824,000 jobs to the lost column as of February 2010. These additional job losses were miscounted in the Winter and Spring of this year. So all the charts we have shown you provide a misleading picture of the real unemployment problem by nearly a million more people.

Read more at Zero Hedge:

BLS Discloses It Has Overrepresented Payroll Data By 824,000 Or 15%

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