We’ve dubbed this chart the “Scariest Job Chart Ever,” as it shows how the decline in employment is WAY uglier than in past recessions.
Calculated Risk has updated it with the latest numbers from this morning, and now it looks even scarier.
Check out the two red lines at the bottom. The solid one includes Census hiring, while the dotted line doesn’t include it.
What’s clear is that while we still have a rebound including Census hiring, we’re already flattening out on the dotted line. This is a shape not seen on the other lines. suggesting that the fall is extremely deep, and the recovery is shallow.
We’re fairly confident that the “Scariest Job Chart Ever” is going to get even scarier. The President says that our economy is improving by the day and our Vice President says we will add 1.5 million jobs by the end of the year. Once the Census jobs go away and government stimulus runs out we’ll likely renew the downward trend on this chart. It will become evident in negative GDP growth in the last half of 2010 that we have not recovered.
After having read these 50 Statistics about the US Economy, is there any doubt that we are nowhere near the end of this?