US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks

There is no such thing as a ‘jobless recovery’, but now Obama, Timmy, Benny and the boys maybe have to sell us a ‘rising jobless recovery’:

US sheds 85,000 jobs in December, dampening optimism (AFP):

The US economy lost 85,000 jobs in December while the unemployment rate held at 10.0 percent, the government said Friday in a report dashing hopes of a turnaround in the ailing labor market.

The Labor Department report on nonfarm payrolls was a disappointment to those hoping for growth in jobs, which is critical to recovery from recession.

Hope, believe, change and more green shoots we can believe in!


Any way you look at it, 40% of the unemployed, or 4% of the workforce, a record number of people, or 6.1 million, are now unemployed for over 27 weeks. In November this number was 5.9 million, and a year ago it was a meager 2.5 million. Green shoots.

us-unemployment-40-26-weeks

The average duration of unemployment has surged to 29.1 weeks, from 28.6 weeks in November, and 19.5 a year ago.

us-unemployment-26-weeks-plus-duration

Submitted by Tyler Durden on 01/08/2010 11:15 -0500

Source: ZeroHedge

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