January 12, 2009

American Job losses: Some Perspective please …

The image on the left is grossly misleading and I doubt whether the U.S. Department of Labor intended it to be interpreted as it was ...

Late last week we could not hide from the news that the U.S. lost over 520,000 jobs in December, which according to news reports raised the job loss figure to nearly 2.6 million for 2008.

This is not good but strikingly, comparisons were made to World War II hence the headline at CNN, amongst others:

“Annual loss biggest since end of World War II”

Such comparisons are both deceptive and false, as they do not take into account the fact that the labor force is much bigger than it was in 1945. It would be more accurate to compare jobs lost in relation to the labor force for each period we are comparing to….

I guess MSM can’t help but exaggerate America’s woes …

For even more perspective read this

4 comments:

The Lonely Conservative said...

Otto, they need to scare us all into going along with the socialization of America. Congratulations, the Wall Street Journal reported (through Heritage Foundation, I believe) that Australia has more economic freedom than the US, as does Ireland and a few others. Maybe I'll move down under...it's extremely cold where I live. The snow is crunchy! brrrr....We need to send word to AlGore that the earth's fever broke!

Brian, aka Nanoc, aka Norski said...

Ethically-challenged promoters of ideologies, investment opportunities, or convenience food, can - and do - count on most people having a very shaky understanding of statistics.

"Macy's Stores Closing, Retail Sales Plummeting, and Other Good News" (January 8, 2009), takes a different look at very real bad times for the American (and global) economy. (That link is shameless self-promotion - it's to a post in one of my blogs.)

Vince said...

Great blog.....

___________________

Vince

Save OVER 50% for 3 months,Save $21/mo for an Entire Year!* on your Favorite Channels

Anonymous said...

Companies will see their revenues drastically decline more over the next few years to come. Do to the serious decline of Industry/Manufacturing in the U.S. which is one of the biggest players in the U.S. economical crisis. A country must produce at least 60%-70% of its User Products in order to survive as a productive nation. Do, the fast track of global trade, the U.S. has allowed a large majority its Industrial/Manufacturing, I.T Services and Customer Service centers to be phased out to other countries, in order to increase company revenues. By doing this the U.S. has placed its self on the fast track to becoming a 2nd/3rd world country. The U.S. economy will keep continuing to decline. It will only turn around when the U.S. passes very strict new trade regulations and taxation on American companies profiting off of overseas slave labor. Workers in China average 0.15 cents per hour and work 12+ hour shifts, 6 days a week making products for U.S. companies. Until Major Manufacturing is brought back to U.S. we are all very screwed economically…

Please note: Bringing manufacturing back to the U.S.A. “WILL NOT” raise the prices of items we buy. It will only hurt the wealthy by cutting their greedy enormous profit margins and the stock market will also have problems for a brief period readjusting to the change. Since the people on wall street aided greatly in creating this economical mess as well with their any way to make a buck attitude. New stricter regulation will need to be passed in order to limited the creative deceit of wall street..

Things will not improve until the people say enough is enough and stand together as one great voice and demand immediate change…

Sincerely,

Marcus D. Knight
Economical & Investment Advisor

11/13/2009