Fat hurts wrote:
the rails wrote:
A chart of employment over the last 50 years tells all.
https://media-mbst-pub-ue1.s3.amazonaws.com/creatr-uploaded-images/2020-04/b0240b70-74e0-11ea-bfff-b979ec22be6aThat chart will look even stranger in a few weeks when it shoots downward. By then, everyone who could lose a job will have already lost it.
The jobs creation chart will soon be meaningless. It is time to look at total unemployment to see the trends. The US data only goes through the end of February. You'll have to look at weekly unemployment claims to see a more real time trend.
Not that at the end of February there were 5,787,000 unemployed people (3.5%). Add 10.5M to that and you have over 16M unemployed. That works out to just under a 10% unemployment rate, just below the 10% rate of late 2009.
https://www.deptofnumbers.com/unemployment/us/