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The New New Economy: jobs down unemployment up

Excerpted from the March 5 post, Worst is yet to come for job market, by Chris Isidore, CNNMoney.com senior writer

It’s no secret that the job market is bad. The Labor Department will release its latest jobs report Friday. Economists surveyed by Briefing.com forecast that the unemployment rate rose to 7.9% in February and that 650,000 jobs were lost. Still, as bad as those numbers are, some have argued that this jobs downturn is not as bad as the early 1980s. The unemployment rate peaked at 10.8% in late 1982. But several experts say it would be a mistake to come to that conclusion. They argue that unemployment rate only hints at why this jobs downturn is worse than any since the Great Depression … If the job loss forecasts for February turn out to be accurate, it would be the worst monthly drop since 1949. It would also bring total job losses over the last six months to 3.1 million, the largest six-month job loss since the end of World War II. Even adjusting for the large growth in the nation’s job base in recent decades, this would be the biggest six-month job loss since 1975. [read the rest of the article]

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