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Friday, December 02, 2005

Softest Employment Cycle Ever

So says economist David Rosenberg:
As we mentioned above, this goes down as the softest employment cycle ever. Here we are, four years into the business expansion, and employment has averaged 0.7% at an annual rate. This is more than 75% below what is typical of the past and makes a mockery out of the so-called jobless recovery of the early 1990s. What has kept the consumer intact has been the sharp drawdown in the savings rate from 2.4% in 2002 all the way down to a record low -1.5% in the third quarter of 2005.

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