One more from Henry Blodget:
It's now official: The country has lost more jobs as a percentage of peak employment than any time since the Great Depression.
This includes the recessions of the early 1980s, even when they are combined.
(Click to zoom)
...regardless of what the jobs recovery eventually looks like, it hasn't started yet... here's [Calculated Risk]'s explanation:The dashed line is an estimate of the impact of the large benchmark revision (824 thousand more jobs lost).
The graph compares the job losses from the start of the employment recession in percentage terms (as opposed to the number of jobs lost).
Instead of 7.2 million net jobs lost since December 2007, the preliminary benchmark estimate suggests the U.S. has lost over 8.0 million net jobs during that period.
Thankfully, the President of Chicago has a vast amount of experience in revitalizing businesses, so it shouldn't be much of a problem for him to repair the badly wounded economy.