Joblessness Depression longest since WWII!
NEW YORK (PNN) - March 9, 2012 - The Fascist Police States of Amerika (FPSA) economy added 227,000 jobs in February vs. expectations for 206,000, and the official, if inaccurate, unemployment rate stands at 8.3%.
However, the actual unemployment rate, taken without first eliminating countless millions from the number due to creative statistic massaging by the FPSA government, is closer to Depression levels at 23%.
But Amerika remains mired in the longest period of joblessness since the Great Depression. It's been 49 months since the FPSA hit peak employment in January 2008; and with nonfarm payrolls still 5.33 million below their old high, the jobs slump will continue for several more years.
The previous record - 47 months - came during and after the comparatively mild 2001 recession, which saw unemployment climb to only 6.3%. The average job recovery time since 1980 is 29 months, not including the current slump.
The labor market won't truly return to health until some 10 million positions are created to rehire all those who lost their jobs and to absorb new workers.
The longest period of joblessness in decades coincides, not coincidentally, with the longest stretch of anemic economic performance on record.
FPSA gross domestic profit hasn't risen 4% or more in any quarter since the first quarter of 2006. That's by far the longest such stretch on record going back to 1950. The only other sizable sub-par stretch was a three-year span from late 2000 to mid-2003.