by Bill McBride on 9/05/2008 08:40:00 AM
Friday, September 05, 2008
Click on graph for larger image.
This graph shows the unemployment rate and the year over year change in employment vs. recessions.
Nonfarm payrolls decreased by 84,000 in August.
The unemployment rate has risen to 6.1 percent.
Year over year employment is now negative (fewer American were employed in Aug 2008 than in Aug 2007). This is a very weak report - more to come.