David Stockman’s Contra Corner
Yes, they are…..gone.
We are referring, of course, to all of the jobs created not only since the Great Recession bottom, but during the entire 21st century to date!
That’s right. The 20.5 million jobs plunge reported for April essentially wiped out the “strong labor market” brouhaha of the 244 “Jobs Friday” reports since January 2000.
In fact, the 131.072 million nonfarm payroll jobs reported for April 2020 were actually below the 131.124 million jobs reported way back in February 2000 when Bill Clinton was still scurrying around the White House looking for some place to hide the blue dress.
Total Nonfarm Payrolls, 2000-2020
Needless to say, embedded in the above disastrous chart is the boot heel of Lockdown Nation at its most vicious. That is, it has brutally monkey-hammered those channels of daily economic life that are based on social congregation – bars, restaurants, hotels, malls, salons, gyms, movies, concerts etc.
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