The dismal jobs picture

The dismal jobs picture

Scripps Howard News Service: This surely is not how George Bush wanted to end his presidency. The December jobless figures are out -- the last unemployment report of his eight years in the White House — and they are bad. Real bad.

Last month’s jobless rate of 7.2 percent, the worst in 16 years, brought the total loss of jobs in 2008 to 2.6 million, the most since 1945 when industries were in a lull between wartime and peacetime production. It was, said the Associated Press’ economic writer, “one of the worst years in modern history for American workers.”

The number of jobs lost last year nearly wiped out the 3 million jobs created in the eight years since Bush took office.

The damage is even worse than the main unemployment figure shows. Many companies that are keeping their workers are cutting their hours. The average workweek last month fell to 33.3 hours, again according to the AP, “the lowest level on record dating back to 1964.”

And some analysts believe that companies that held off laying off workers during the holidays will start doing so now that the new year is underway.

Job losses have perhaps the most direct impact on the public, damaging the finances of those who lose their jobs and damaging the confidence of those who managed to hold onto theirs.

President-elect Obama says he plans as part of his $775-billion economic recovery plan to save or create 3 million jobs. He might want to put the job part first on his agenda. Tax cuts don’t mean much if you don’t have a paycheck.