Head of BLS: "Worst Jobs report ever..."
In an exchange with Rep. Elijah Cummings, D-MD, Hall said , "If I were to characterize this jobs report I would say it's very dismal... it's maybe one of the worst that the BLS has ever produced."30 years after the conservative revolution... can we call it dead yet?
"Ever?" asked Cummings.
"Ever," replied Hall.
Cummings asked how long the BLS has been around and the answer was 124 years.
Hall compared the current recession to the 2001 recession, which he said was more centered on the tech industry and so not as hard on the economy as a whole. Jobs losses now, he said, are distributed across the entire job market and economy, which is more focused on consumer spending.
But Hall might have been overstating just a little bit. This is the sixth worst jobs report since 1929 and the worst since 1974. So its the sixth worst not counting the Great Depression.
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