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With one month left to report, it’s clear that for the typical American worker this has been the worst decade in the post-WWII era.
The general economy was so weak, in fact, that throughout the 2000s non-farm jobs were shed on a month-to-month basis 44.5% of the time.
That’s an astounding number considering the fact that it is over twice as frequent as was witnessed during the 60s, 70s, 80s, and 90s and over 30% higher than in the 50s when the economy was primarily manufacturing based and experienced frequent and wide swings in labor.
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Worse yet, there have been historically few net jobs created with only 464,000 added non-farm payrolls created since December 1999, the weakest performance seen by far in the post-WWII era.
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Finally, this was the first decade on record where work age population growth outstripped job creation and not by a small margin.