The new report underscored the toll the longest recession since World War II has taken on America's workers and companies. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past.
"There are glimmers of hope. We are moving in the right direction in terms of layoffs. They are measurably less bad than what we've been through," said Mark Zandi, chief economist at Moody's Economy.com.
[Emphasis mine.]
The above is a perfect example of nonsense speaking. It's like saying you still have cancer, but its progress is slowing. You still have cancer and you're still going to die from it!
Saying that layoffs were less than anticipated is not the same as saying that layoffs have stopped, or reversed. Until the layoffs stop, i.e., that companies stop hemorrhaging workers, the economy will not turn around.
The unemployment rate is still higher than it was in previous months, which means that the net result of new hires and layoffs is still negative.
H/t Drudge.
Posts
