Employment shrank by 1,000,000 in July

[pscot]

That's the claim made in a column over at Zero Hedge and reiterated in Bobswern's latest diary at Dkos. Follow the links. You will be rewarded.

First, employment in this survey showed a plunge of 392,000, but that number was flattered by a surge in self-employment (whether these newly minted consultants were making any money is another story) as wage & salary workers (the ones that work at companies, big and small) plunged 637,000 — the largest decline since March (when the stock market was testing its lows for the cycle). As an aside, the Bureau of Labor Statistics also publishes a number from the Household survey that is comparable to the nonfarm survey (dubbed the population and payroll-adjusted Household number), and on this basis, employment sank — brace yourself — by over 1 million, which is unprecedented. We shall see if the nattering nabobs of positivity discuss that particularly statistic in their post-payroll assessments; we are not exactly holding our breath.

http://www.zerohedge.com/sites/default/files/Lunch_with_Dave_090409.pdf

http://www.dailykos.com/story/2010/8/26/896267/-My-Positive,-Democratic-Diary:-What-A-Difference-A-Year-Makes!

[Hawkowl]

1. We are screwn

New housing starts are down to record levels. Business orders for capital equipment is down a record 15%. Wages continue to fall. Obama relentlessly pushing Free Trade agreements, supporting the right wing Catfood Commission, and calling for fiscal austerity under "deficit concerns", all the while doing his best Alfred E. Newman impression.

I used to think we were going to do the Great Depression II. Now I'm beginning to think that we may make the Great Depression look like a day at Disneyland in a few years.

[FBaggins]

2. He's not being honest.

As an aside, the Bureau of Labor Statistics also publishes a number from the Household survey that is comparable to the nonfarm survey

It is not, in fact, comparable to the establishment survey. If it were, we would see million-job swings all the time.

[Riftaxe]

3. We successfully procured ~32 million new customers

for health insurance companies, surely that will produce a few jobs...somewhere in the world, stop being impatient and wait for 2014! :sarcasm:

[northernlights]

4. well they'd best not count those new customers before they hatch

I plan to pay the penalty. As more and more people find themselves unable to afford health insurance -- between the double-digit rise in costs and the continuing drop in salaries -- more and more will follow my plan. Take good care of yourself. Avoid sick people. Avoid getting sick or injured. Live as though death is sitting on your left shoulder, because he is. :evilgrin: