No Jobs - Bad Economic Times Are Here

If history is a reliable guide, a dismal jobs report suggests that the recession of 2008 is now unavoidable. The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way.

Over the last year, the number of officially unemployed has risen by 500,000, while the number of people outside the labor force — neither working nor looking for a job — has risen by 1.3 million.

Employment has risen by 100,000, but even that comes with a caveat: there are also 600,000 more people who are working part time because they could not find full-time work, according to the Labor Department.
http://www.nytimes.com/2008/03/08/business/08recession.html?ex=1362718800&en=5a7e15316ea07e7b&ei=5124&partner=permalink&exprod=permalink