There were not “fewer jobs lost”.
By Daniel at 8 June, 2009, 8:40 am
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May was the second worst month in decades for the increase in unemployment. The 787,000 increase in unemployment, which led to an increase in the unemployment rate from 8.9% to 9.4% was a very large increase from the April to May figures.
There is no recovery underway in the U.S., tax revenues are dropping off at an alarming rate, and the borrowings by the Treasury are increasing at a very fast pace to keep up with the declining revenues.
There are no “green shoots”. Unemployment is rising at an increasing speed, and we are headed toward our first jobless decade since the Depression. The U.S. has historically created 15-18 million new jobs per decade. This decade will show zero job growth,or perhaps a decline in employment. An increasing economy requires jobs. It is that simple. The people that are out there have no wage increases, there are now more new people, and there is no jobs to create income.
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