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Friday, August 7, 2009

Flat Decade: July 1999 — July 2009 had 0.01% Jobs Growth

The picture for jobs growth stays grim.

NY Times:
In Last Decade, a Lack of Job Growth in the Private Sector -- For the first time since the Depression, the American economy has added virtually no jobs in the private sector over a 10-year period. The total number of jobs has grown a bit, but that is only because of government hiring...

through July of this year, when the economy was mired in the deepest and longest recession since World War II. For the decade, there was a net gain of 121,000 private sector jobs, according to the survey of employers conducted each month by the Bureau of Labor Statistics. In an economy with 109 million such jobs, that indicated an annual growth rate for the 10 years of 0.01 percent...

US Private Sector Employment Growth annual rate of change over 10 yearsrelated:
NY Times: 247,000 Jobs Lost in July; Rate Dips to 9.4%
NY Times: Another Hurdle for the Jobless: Credit Inquiries
NY Times: For Today's Graduate, Just One Word: Statistics

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naked capitalism - Yves Smith

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