Today's post is an update of a chart we originally featured back on 5 January 2011. It speaks for itself.
In the chart, we're measuring the strength of all the post World War II recession recoveries as measured from the very bottom of payroll jobs lost. The last time we featured it, the recovery from the 2007 recession was just barely the worst ever.
And today, it is definitively the worst recession jobs recovery ever.
Worst. Recession. Jobs. Recovery. Ever.
If the major headlines posted on Google News on Friday, 6 July 2012 are any indication, the June 2012 Employment Situation Report for the United States was "tepid" at best, and "dismal" at worst.
But we found a bright spot! For one select group of Americans, June 2012 represented the best month ever since the total employment level of the U.S. economy peaked in November 2007, just before the so-called "Great Recession" officially began!
Even better, the gain in jobs for this group was enough to increase their numbers in the U.S. workforce to levels not seen since September 2009, just three months after the so-called "Great Recession" officially ended!
Who is this mysterious select group of Americans who prospered while so many others suffered? Are they the evil 1%?
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