Jobapalooza

663,000 jobs lost in March, 8.5% unemployment (U-3), a whopping 15.6% U-6 for the country. We've lost 3.3 million jobs in the last 5 months. Worst numbers since 1983, and if rates increase like they have been, we're looking at some very bad numbers by 2010.

Going to get even worse from here. We really are on pace to lose a good 8 million jobs this year. Do I think the job losses will continue at this rate nationally for another 9 months? I don't know, honestly. Obama's stimulus should provide some additional jobs, but at this point we're still losing two-thirds of a million jobs a month even with the stimulus. April, May, June numbers will tell. Unless they get under 500,000 losses a month and soon, we're going to go off the rails into depressionary numbers.

We're deep into the death spiral now. Another stimulus package will be needed, and I don't think Obama will have the votes for it.

[UPDATE] Labor Department says the percent of the total population employed has fallen under 60% for the first time July 1985 (h/t Atrios).