Another monthly employment update, another dismal report. So it goes in a vicious recession. The only question: When will it end?
We take a stab at some perspective below, but first let’s recap this morning’s ugly numbers. Last month suffered another sharp fall in nonfarm payrolls, the U.S. Bureau of Labor Statistics reports. The economy lost 651,000 jobs in February—the 14th consecutive month of payroll declines and the third month of losses above the 600,000 mark. In this year’s first two months alone the economy has already shed nearly 1% of total nonfarm payrolls. Unfortunately, the outlook for March doesn’t look good either.
That brings us to the burning question: When will this nightmare end? We don’t have the answer, nor does anyone else. That said, a fair reading of the economic data, including a review of past recessions through history, suggests that the bleeding will go on for some time. That’s just a guess, of course. Can we do better than simply guessing?