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View Diary: Government reports 236,000 jobs for February, far over estimates. Unemployment rate slips to 7.7% (79 comments)

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  •  Plus, median income is DOWN 8.1% (1+ / 0-)
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    I'm pretty sure we could have close to 100% employment all the time if we put everybody on a 4-day week and increased staff by 20% to fill the gaps. Wouldn't cost employers dime one, but it's a model that I think helps any workers who actually need the money.

    Between the really discouraging slope of that recovery line in the graph (intersection with 0% change in employment is off the right edge of the page) and the decrease in income, I find it hard to see where the "recovery" is in the current economy. About all we can say is that the disaster isn't as bad as it was 18 months ago.

    •  And the details get worse... (1+ / 0-)
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      as Brad DeLong and many others have noted. The number of multiple jobholders rose by 340,000 this month, to 7.26 million — a rise larger than the headline rise in payrolls. Which means that one way of looking at this report is to say that all of the new jobs created were second or third jobs, going to people who were already employed elsewhere. Meanwhile, the number of people unemployed for six months or longer went up by 89,000 people this month, to 4.8 million, and the average duration of unemployment also rose, to 36.9 weeks from 35.3 weeks.

      "The true strength of our nation comes not from the might of our arms or the scale of our wealth, but from the enduring power of our ideals." - Barack Obama

      by HeyMikey on Fri Mar 08, 2013 at 12:11:31 PM PST

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