The recent unemployment numbers have undermined confidence that we
might be nearing the bottom of the recession. What we can see on the
surface is disconcerting enough, but the inside numbers are just as bad.
The Bureau of Labor Statistics preliminary estimate for job losses
for June is 467,000, which means 7.2 million people have lost their
jobs since the start of the recession. The cumulative job losses over
the last six months have been greater than for any other half year
period since World War II, including the military demobilization after
the war. The job losses are also now equal to the net job gains over
the previous nine years, making this the only recession since the Great
Depression to wipe out all job growth from the previous expansion.
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