Thursday, July 02, 2009

Another Involuntary Landlord and Summary

by Bill McBride on 7/02/2009 08:48:00 PM

NAHB Sublease Space A little sublease space in D.C.

Click on photo for larger image in new window.

Photo Credit: a reader in dc

Taken today, July 2, 2009.

  • Employment

    Here is a repeat of one of the graphs this morning:

    Percent Job Losses During Recessions This graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost).

    The current recession is now the 2nd worst recession since WWII in percentage terms - and also in terms of the unemployment rate (only early '80s recession was worse).

    And a few posts:
    Employment Report: 467K Jobs Lost, 9.5% Unemployment Rate

    Unemployment: Stress Test Scenarios, Diffusion Index, Weekly Claims

    Employment-Population Ratio, Part Time Workers, Hours Worked

    From Paul Krugman on wages: Smells like deflation

  • The FDIC reports seven bank failures (a weekly high for this cycle).

  • Personal Bankruptcy Filings increase 40% in June (YoY)

  • Hotel RevPAR off 17.4%

  • Naught for the Naughts? Just an observation ...

    On the '00s (the "Naughts") ...

    Employment Dec 1999: 130.53 million
    Employment Jun 2009: 131.69 million

    A gain of just 1.16 million. What are the odds that the economy loses another 1.16 million jobs over the next 6 months? Pretty high. That would mean no net jobs added to the economy for the naughts: Naught for the Naughts!