Still Falling Off A Cliff

Another terrible jobs number for March.

Nonfarm payroll employment continued to decline sharply in March (-663,000), and the unemployment rate rose from 8.1 to 8.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Since the recession began in December 2007, 5.1 million jobs have been lost, with almost two-thirds (3.3 million) of the decrease occurring in the last 5 months. In March, job losses were large and widespread across the major industry sectors.

Almost half of the jobs were lost in the manufacturing and construction sectors. We're becoming more of a service-sector McJob economy as a result of this Great Recession. Meanwhile China wants to become the leader in electric vehicles.

We're screwed.