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.