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It was a terrible report

Posted by Chris Farrell on Friday, January 9, 2009

Clearly, bad news on the employment front...

Payroll employment down 524,000 over the month of December....

11.1 million people are unemployed, and the unemployment rate is at 7.2%....

In the last four months of the year the job losses accelerated....

The broadest measure of unemployment kept by the government--total unemployed, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers--hit 13.5%... up from 12.6% the previous month and 8.7% a year ago....

Education and health services did hold up, so did government....

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