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The Bleak Jobs Outlook

David Madland’s analysis of the latest jobs numbers reflects the fact that notwithstanding improvements in the rate of change the situation is still very bad and this chart remains alarming:

Of course for people who haven’t lost their jobs, 401(k)s look a lot better than they did in January, and thanks to declining energy prices real wages have actually risen for those who remain employed. What’s more, Social Security checks got a big boost thanks to last year’s high oil prices. But it’s not really clear that this good-news-within-bad-news can hold up with energy prices back on the rise. Which leaves us with the bad news.

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