WICHITA — The nation lost 467,000 jobs in June, according to the numbers released today. That’s an astounding number, but less than earlier this year. It pushed the unemployment rate up from 9.4 in May to 9.5 percent. That, clearly, is a slowing in the rate and appears to be confirm that the rate is close to peaking in the next few months near 10 percent.
I was feeling comforted by this, until I read something from the Economic Policy Institute, a liberal economic thinktank.The entire growth in jobs over the last nine years has now been wiped out – the economy currently has fewer jobs than it had in May 2000. The labor force, however, has grown by 12.5 million workers since then. "This is the only recession since the Great Depression to wipe out all jobs growth from the previous business cycle, a devastating benchmark for the workers of this country and a testament to both the enormity of the current crisis and to the extreme weakness of jobs growth from 2000-2007," said EPI economist Heidi Shierholz.