AIER American Institute for Economic Research
Richard Ebeling of AIER is available to talk about what the new unemployment numbers (released tomorrow) mean for the economy, and how we aren’t as bad off as many indicate. If you would like to interview Mr. Ebeling, please let me know. Thanks - Sonia
MEDIA ADVISORY
For Immediate Release
Contact
: Sonia Blumstein
Feb. 5, 2009
New Unemployment Numbers Released Friday, Feb. 6
NOT THE WORST JOB MARKET SINCE WWII, DESPITE OBAMA’S ASSERTIONS TO THE CONTRARY
GREAT BARRINGTON, MA—
WHAT: On Friday, February 6, the latest unemployment numbers will be released by the U.S. Department of Labor.
Obama has already called this the worst job market since WWII. But a look at the facts reveals quite a different story.
According to a recent American Institute for Economic Research (AIER) report (available by request), in percentage terms, the job losses of 2008 were less severe than those reported during the recessions of 1949, 1954, 1958, 1961, 1975, and 1982.
If we lost another 470,000 jobs or more in January, which AIER believes is a possibility, then the job losses in this episode would be as bad as they were, percentage-wise, in only 1961.
To match the worst percentage declines recorded during the other historical episodes, Friday's new numbers would have to show a year- over-year decline since last January of 7 million jobs (to match the 1949 recession); 4.6 million (1954 recession); 3.6 million (1975); and 3.7 million (1982).
“This is not to deny the seriousness of the rapid decline of jobs. Exaggerating job losses, however, erodes consumer, business and investor confidence, which has a negative effect on our economy and can be used to justify extraordinary and expensive policy responses to not-so-extraordinary employment cycles,” says AIER’s Richard Ebeling.
WHO: Richard Ebeling, Ph.D., is a Senior Fellow at AIER, a think tank founded 75 years ago during the Great Depression on the campus of MIT.
WHEN: Available immediately. CONTACT: Sonia Blumstein, 205.620.2087 (o), 202.213.0379 (c) or Sonia at PRoactiveSolutionsInc.net
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