Snow Jobbed Again

534,000 jobs lost in December, unemployment rate is now 7.2% and rising. Vice-President Nameless One says the failing economy is not the White House's fault because "nobody anywhere was smart enough to figure it out". Stock futures are higher because we "only" lost half a million jobs. I'm sure that's a relief to corporate America and Wall Street.

Which of course if you've been paying attention to this blog and several other far smarter people than myself over the last 18 months, you know for a fact that's complete bullshit.(h/t TPM)

1.9 million net jobs lost in the last four months. Half a million so far in 2009. Absolutely sure the 2.6 million or so jobs lost last year (the most since 1945) will pale in comparison come 12 months from now. Five million? Six? Eight? Ten? The real unemployment rate went from 12.5% to 13.5%. Gaining a whole percent a month in this rate is something I think will continue for most of 2009, to that 20-25% range. That's the number to keep an eye on, because it's the percentage of people who are really out of work.

Long way to the bottom still.