Picture du Jour: Employment in perspective

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Different economists will come to different conclusions regarding Friday’s payrolls report. Asha Bangalore (Northern Trust) summarized the report as follows: “The positive aspects of the February employment report – steady unemployment rate, magnitude of job loss is shrinking, diffusion indexes have moved up, hiring has risen in some categories such as temporary employment and profession and business services, factory employment is stabilizing – are encouraging but they are inadequate to justify a significant change in the outlook of the economy in general and employment conditions in particular. Consequently, the Fed is predicted to remain on hold until early 2011.”

But let’s spare a thought for where we are coming from. The chart below, courtesy of Clusterstock – Chart of the Day, shows just how unprecedented the situation is compared to other recessions. Does anybody see a rapid recovery from the malaise?

clusterstock0603

Source: Clusterstock – Chart of the Day, March 5, 2010.

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