when you hear the media & politicians call this a 'sluggish jobs report'... perspective
December 5, 2008
U.S. Loses 533,000 Jobs in Biggest Drop Since 1974
The governments report of a giant job loss in November, the biggest monthly decline in a generation, puts more pressure on Congress and the administration to move quickly on a stimulus package, mortgage relief and perhaps financial aid for Detroits big automakers.
The nations employers cut 533,000 jobs in November, the Bureau of Labor Statistics reported Friday.
Not since December 1974, toward the end of a severe recession, have so many jobs disappeared in a single month and the current recession, far from ending, appears to be just gathering steam.
We are caught in a downward spiral in which employment, incomes and spending are collapsing together, said Nigel Gault, chief domestic economist for IHS Global Insight. With private spending frozen, we have no choice but to rely on a stimulus package to revive the economy.
http://www.nytimes.com/2008/12/06/business/economy/06jobs.html?_r=0&pagewanted=print