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Is the Jobs Picture Worse Than We Thought?

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That graph is from Calculated Risk. Most of it is familiar. The different lines track the job losses from different recessions. The plunging red line is the current recession. But the dotted red line -- the one plunging faster and further than its solid cousin -- includes the Bureau of Labor Statistics' revision of its data. As Donald Marron explains, the agency thinks it underestimated job losses last March by more than 800,000. That brings the total job losses to more than 8 million, not the 7.2 million that's been commonly mentioned.

Via Andrew Sullivan.

By Ezra Klein  |  October 5, 2009; 10:26 AM ET
Categories:  Economy  
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Comments

How's that stimulus workin' for ya? A few more billion for assorted clever clunker programs will bend the curve, no? Which direction, though, is the problem for shrinking wonkheads to ponder.

Posted by: msoja | October 5, 2009 11:40 AM | Report abuse

It's probably worse than that. We need a new WPA.

Posted by: par4 | October 5, 2009 12:35 PM | Report abuse

The comments to this entry are closed.

 
 
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