Krugman: Terrible employment numbers

[RedEarth]

Most commentary on the terrible employment report has focused on the establishment numbers, because the number from the household survey that usually makes headlines, the unemployment rate, didn’t rise all that much. But the jobs picture from the establishment survey looks terrible, too; what held the unemployment rate down was a reduction in the number of people who said they were looking for work.

The chart above shows the employment-population ratio, the ratio of employed Americans to the adult population. By this measure it’s been a weak economy all along — and now it’s falling off a cliff.

http://krugman.blogs.nytimes.com/2008/12/06/terrible-employment-numbers/

[Citizen Number 9]

1. In the hours before the (un)employment numbers were released

There was a small but notable noise being made about how the numbers were going to be better than expected. It actually had an effect on the equities markets. Whoever did that, however, was an idiot, as I could find exactly ZERO substantiation for that other than just a desire to be "positive", or at worst, a desire to influence the markets.

There is nothing, short of a massive government intervention that can reverse this steep jobs slide as quickly as most of the 'analysts' are opining.

At best, the Obama Administration can come up with enough actual action, combined with some solid leadership, that can slow the trend and possibly reverse it ahead of what it might otherwise become. I don't want this to sound trivial because I think it is quite possible that without such powerful action, we are heading into some depths that put us at risk for all kinds of other danger. THe less time we spend in those depths, the better our chances are.

[Hardrada]

2. Other danger is right......

Wenn die SS und die SA
Aufmarschiert dann sing' wir hussassa!


Arise ye prisoners of starvation!
Arise ye wretched of the earth!

[xchrom]

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