US's Negative Net Worth at $59.3 Trillion
Our Collapsing Economy
By PAUL CRAIG ROBERTS

According to the Bureau of Labor Statistics, nonfarm payroll employment declined by 3,445,000 from December 2007 through December 2008. The collapse in employment is across the board. Construction lost 520,000 jobs. Manufacturing lost 806,000 jobs. Trade, transportation and utilities lost 1,495,000 jobs (retail trade accounted for 1,120,000 of this loss). Financial activities lost 145,000 jobs. Professional and business services lost 713,000 jobs. Even government lost 188,000 jobs.

Only in health care and social assistance has the economy been able to eke out a few new jobs. Many analysts believe the job losses will be as great or greater during 2009.

Moreover, the reported job losses are likely understated. Noted statistician John Williams (shadowstats.com) reports that biases in measurement have understated the job loss over the last 12 months by 1,150,000 jobs. Williams reports the unemployment rate as it was measured prior to “reforms” designed to minimize the measured rate of unemployment. According to the methodology used in 1980, the US unemployment rate in December 2008 reached 17.5 percent.

Link to con.