Friday, August 01, 2008

brother, can you spare a job?

while the great echo chamber makes fun of tires, the real stories, as usual, are getting the short shrift.

unemployment rises to almost 6% as job losses mount. nytimes:

the nation’s employers eliminated 51,000 jobs in july, the seventh consecutive contraction in the labor market, as the unemployment rate reached a four-year high, signs that the pressure on business owners and consumers was likely to continue…

the rough job market worsened in july, with the unemployment rate rising to 5.7 percent from 5.5 percent in june, its highest level since march 2004.

“it’s not that unemployment is rising because a lot of people are coming into the labor force,” mark zandi, the chief economist at moody’s economy.com, said. “it’s rising because employment is falling.”

of course, obstinates among us are saying that it's a good labor report, because the number of unemployed was way under the expected 75,000. but that's rather like saying, well, mrs. lincoln, there was only one shot to the head.

(links via memeorandum)

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