Friday, August 7, 2009
The July jobs report surprised everyone, with job losses coming in lower than expected, and revisions to prior months showing fewer losses than earlier reported. The unemployment rate hasn't budged now for three months. The chart below better highlights the improvement, as we see that job losses as a percent of the workforce have declined significantly in recent months. All of these developments are consistent with an end to the recession, which probably occurred in June.
Posted by Scott Grannis at 8:09 AM