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Friday, June 5, 2009

Great Recession Roundup — June 5, 2009

Items of Interest:

Bureau of Labor Statistics:
Employment Situation Summary -- Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries...

Geoff / Innocent Bystanders:
The May Unemployment Numbers are Here, and Worse Than Predicted — While I was waiting for May's numbers to be released I did a quick Google News search on “unemployment.” Here is the first set of entries that popped up: … You get the feeling that there's a little pre-spin effort afoot? ...

Unemployment Rate with and without the recovery plan
Derek Thompson, Atlantic
Today's Unemployment Numbers Made Simple -- Just the facts: The US economy lost 345,000 jobs in May. That's bad. But economists thought we'd lose almost 200,000 more. That's good. At 9.5%, unemployment is higher than its been in a quarter century. That's bad. But we're losing jobs slower than any time since September. That's good...
Felix Salmon / Reuters:
Unemployment datapoint of the day — Remember the stress tests? -- Remember the stress tests? The baseline scenario had unemployment in 2009 at 8.4%, rising to 8.9% under the more adverse scenario. Well, we’re only up to May, and already it’s at 9.4%...
Jack Healy / New York Times: Job Losses Slow; Unemployment at 9.4%
David Madland / Center for America Progress:
Job Outlook Still Bleak -- Widespread job losses continued in May, pushing the economy toward a number of dubious achievements. Long-term unemployment is now at an all-time high, jobs have declined for a record number of consecutive months, work hours are the shortest since the Bureau of Labor Statistics began tracking the data, and many other indicators of labor market distress are at or near historic levels...

Jobs lost or gained during recent recessions
Myglesias / Matthew Yglesias: The Bleak Jobs Outlook
Barry Eichengreen & Kevin H. O’Rourke / voxeu.org:
A Tale of Two Depressions -- comparing today's global crisis to the Great Depression. World industrial production, trade, and stock markets are diving faster now than during 1929-30. Fortunately, the policy response to date is much better...

comparing world industrial output from current Great Recession to 1929 Depression
Mikkel Fishman / The Moderate Voice: The Economy: The Good, The Bad, And The Ugly
Yves Smith / naked capitalism: “A Tale of Two Depressions”
Diana Olick / Realty Check CNBC:
Home Prices: Sellers Need to Lower Expectations -- A new report out today from online real estate search site, Trulia.com, finds that nearly one in four current sellers, and these are what we call “organic” sellers, not distressed sellers (foreclosures or short sales) have dropped their sale prices at least once.

On average, they’ve dropped prices 10.6 percent from their original list price. If you add it all up, that’s $27.4 billion dollars slashed off either total U.S. home equity, if you choose to see it that way, or at the very least off of seller expectation. . .

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

Pragmatic Capitalism

Washington's Blog

Safe Haven

Paper Economy

The Daily Reckoning - Australia