The Bureau of Labor Statistics released April’s unemployment figures. They aren’t pretty. They won’t be pretty for a long time. April’s U-6 figure hit 15.8%, and the U-3 number (commonly cited by the corporate media) hit 8.9%. This recession is the longest since the Great Depression. Some have taken to calling it the Great Recession. I suppose we won’t have a handle on the recession/depression moniker for a while still. In any event, more numbers include:
The BLS revised job loss numbers upward for February, from 651,000 to 681,000, and for March, from 663,000 to 699,000. 700,000 people lost their jobs in March. That’s an astonishing number. 700,000 households, just in March, are unlikely to earn as much as they did if or when they get a new job than the one they lost. That’s the lingering infection that conserative economic policies have left for America. In such a state are we that a mere 539,000 lost jobs in April was actually received as good news. Unfortunately, that’s another 539,000 households who will be worse off for quite some time than they were before. And economists have the audacity to say the economy is bottoming out and that’s somehow more good news. Note: I’ll have a post on bankers and economists coming up. I read something that still has me shaking my head.
Back to today’s numbers: over 5.7 million Americans have lost their jobs in this recession. If the Cons had their way, what little recovery action has already been taken would have been tossed away, just like all those jobs. You see, a good number of Cons would rather this recession deepend in severity and extended in time. They want a permanent serf-class which they can keep under control. They nearly got their wish, too. Unfortunately, that means the real adults have to spend the next X years cleaning up their mess.