By Fester
Yeah, the second derivative is positive: Stealing two posts from Brad Delong:
Things Are Getting Worse More Slowly!
Payroll -345,000. Unemployment rate up from 8.9 to 9.4%.
It's a very ugly swallow. But at least it is a swallow...
That is the good news, only 345,000 net jobs lost last month! Wahoo! The labor market still sucks, but a little less than expected.
Employment-to-population ratio of 59.7%. Underemployment rate of 16.4%.
Now that is damn ugly. Basically those two numbers are saying that there is so much slack in the labor market that no one can expect significant raises for a long time to come.
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