At this rate, US won't recover lost jobs until 2020
Hey! It's only a decade.
The U.S. economy lost 95,000 jobs in September, far worse than expectations for no change in employment. More Census-related temp jobs ended, as expected, but state and local governments slashed staff far more than predicted.
So far in 2010, the U.S. has added just 613,000 jobs - for a monthly average of 68,111.
Employment bottomed in December 2009 at 129.588 million - two years after peaking at 137.951 million. At this year's pace, the U.S. won't recoup all those 8.36 million lost jobs* until March 2020 - 147 months after the December 2007 high.
That would obliterate the old post-World War II record of 47 months set in the wake of the 2001 recession.
The current jobs slump also is the deepest of any in the post-war era, with payrolls down as much as 6.1%. They are still 5.6% below their December 2007 level.
With state and local governments likely to shed workers for at least the next year or two as budget woes continue, the hiring burden will fall entirely on the private sector.
Maybe kids could stretch their college education out a few years - but then they'd be paying off student loans until the earth cooled down after global warming.
The once mighty engine of democracy - our wealth creating, job supplying, risk taking, dream making economy - has been stalled by a bunch of ignoramuses who don't trust private businesses, hate corporations, and have no clue how small businesses fit into the overall picture.
A lost decade indeed...