Total employment in the United States fell in June by 445,000 people, from 139.779 to 139.334 million. With this loss, the average so far in 2011, tracking at 139.59 million, is closer once again to falling below 2010?s average, of 139.07 million. While you can easily see in the chart below an advance out of the late 2009 low in total employment, June?s level in 2011 brings the US economy back?rather magnet-like?to the oft repeated 139 million mark of the past 18 months. The feeling in US society that the economy is neither recovering, nor making much progress, is not only understandable but warranted.
(Click chart to expand)
Today?s employment report may finally administer enough of a shock to force the US policy complex to face up to two facts:
- This is not a post-war recession.
- Energy, not financial capital, holds primacy for the economy?s future.
The seeds of the
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