US Has To Create 250K Jobs A Month For 66 Months To Return To December 2007 Unemployment By End Of Obama’s Second Term
Great news today: Unemployment rose to 9.1% and now take a look at this chart via zerohedge.com:
“The simple math indicates that for the US to return to its December 2007 unemployment, when factoring in the natural growth of the labor force of 90k people a month, the economy will need to add 250k jobs a month for the next 66 months or until the end of Obama’s second term (please no!).”
Private firms added just 83,000 jobs last month, the fewest in 11 months. Nonfarm jobs rose by a net 54,000. And on Friday, the major indexes all dropped and ended down for the week, as the S&P 500 extended its losing streak to 5 straight weeks. Add to that the fact that China just dumped 97% of its U.S. Treasury holdings.
Hows that “hopeandchange” working for you now?