Good news: Job losses in 2009 bigger than thought. Better news: U.S. Won't Recover Lost Jobs Until M

Well, it;s neither good nor better news, but it is the reality of Obamanomics - the same failed policies that gave us stagflation under Carter. First from al Reuters, a bit of news that tells us what most of us already know - the Obama regime has been lying to us about eth jobs situation. It's much worse than they report every month.

The economy likely shed more jobs last year than previously thought, but analysts say the undercount by the government should prove less severe than it did during depths of the recession.

Uh - There's good news there?

The Labor Department on Friday will give an initial estimate of how far off its count of employment may have been in the 12 months through March. The government admitted earlier this year that its count through March 2009 had overstated employment by 902,000 jobs.

Analysts expect a much smaller miscount this time, given the economy's growth spurt in the second half of last year.

Uh - the economy had a growth spurt? After 4 straight months of job losses? You know - if this were just some random faulty calculation then you would expect that it would underestimate some times and overestimate others. But this one consistently underestimates. Almost as if by design. But don't let the crappy numbers fool you, even though they are even crappier in reality. And neglect that the stimulus was supposed to create 3.5 Million NEW jobs, not lose 3.5 million. Forget all that because Congressmen like Sander Levin say that 'We've begun to climb the hill' thanks to Recovery Act stimulus. Really - trust not your lying eyes! Also to be ignored is this news from the Investors Business Daily (via memeorandum): U.S. Won't Recover Lost Jobs Until March 2020 At Current Pace. Somewhere in there good news lurks.

Or not.

The U.S. economy lost 95,000 jobs in September, far worse than expectations for no change in employment. More Census-related temp jobs ended, as expected, but state and local governments slashed staff far more than predicted.

So far in 2010, the U.S. has added just 613,000 jobs — for a monthly average of 68,111.

Employment bottomed in December 2009 at 129.588 million — two years after peaking at 137.951 million. At this year's pace, the U.S. won't recoup all those 8.36 million lost jobs* until March 2020 — 147 months after the December 2007 high.

That would obliterate the old post-World War II record of 47 months set in the wake of the 2001 recession.

The current jobs slump also is the deepest of any in the post-war era, with payrolls down as much as 6.1%. They are still 5.6% below their December 2007 level.

With state and local governments likely to shed workers for at least the next year or two as budget woes continue, the hiring burden will fall entirely on the private sector.

A private sector that our community organizer-in-chief has waged war on. Yea - that'll work.

Hang onto your butts!

http://theblogprof.blogspot.com/2010/10/good-news-job-losses-in-2009-bigger.html

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