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But, at the same time, the Labor Department revised its previous estimates for the number of jobs that have been lost over the past 25 months. What they found wasn't pretty.
Since the recession began in December 2007, the economy has lost 1.4 million more jobs than previously believed. The adjustments also showed losses for 2009 alone came to 4.8 million jobs, greater than 600,000 more than previously estimated.
"We're coming out of a very, very steep downturn," said Dean Baker, co-director of the Center for Economic and Policy Research. "The revisions show that we have a really big hole to come out of."
The revision came about because the government had been dramatically underestimating the number of businesses that were closing due to the recession.
Originally posted by cpdaman
yes they are much worse....
the administration and fed has made it a point to keep the stock market above 10,000 in order to facilitate the public's perspective that there is a economic recovery......
withouth external artificial support the market would be much much lower....without the fed's buying of mortgage toxic waste and treasury debt intrest rates would be higher.....the life support has given the financial system the appearance of a recovery....while lending to mainstreet has continued to slow.
while others are concerned with the dollar ....i think the euro is in bigger trouble right now