US employment lowest in decade

graeme at 5:54 a.m. Wed 08 Jul 2009

The increase in unemployment in the US is the largest for decades with non-farm payrolls reversing all the employment growth acheived earlier in the decade. The last fall that is really comparable took place in the early 1980s. It is still far from clear that the employment has stabilised.

This does not take into account the changes that have taken place in the economy in recent years as more workers have shifted to self-employment or contract work — the full picture may be worse.

Graphs here and from the St Louis Fed

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