Monday, February 18, 2008
Statistics make my head hurt
But when McClatchy puts this into print, it makes sense to me.
The latest employment figures, released in late January, showed a 52-month streak of job creation ending with a loss of 17,000 jobs in January. The Bush administration acknowledged the contraction, but pointed to the national unemployment rate of 4.9 percent to say that the labor market wasn't a harbinger of recession.All kinds of statistics and none of them good.
A closer look at unemployment data by McClatchy, however, found that jobless Americans are spending more time looking for work and that those who can't find work now make up a greater share of the unemployed.
Several measures of unemployment, in fact, show that the workforce is under the kind of stress not seen since March 2001, when the U.S. economy entered a nine-month recession, followed by a so-called jobless recovery.
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