On Friday morning Jim Bianco was on Bloomberg discussing the banking system, AIG and the payroll report.
Bianco reported that regarding the US payroll report, on which data began to be collected in February 1939, the following are the five worst monthly declines ever recorded:
- September 1945 = -1.966 million (WW2 war production shuts after Japan surrendered)
- October 1949 = -834 thousand (31 day nationwide strike by 500,000 steelworkers and 400,000 coalminers started on Oct 1)
- December 2008 = -681 thousand
- January 2009 = -655 thousand
- February 2009 = -651 thousand
The last three months have seen job losses of 1.987 million jobs. This is the most over any three-month period since data began in 1939. See the interview at:
http://www.bloomberg.com/avp/avp.htm?N=tvtoday&clipSRC=http%3A%2F%2Fvideo-static.clipsyndicate.com%2Fcs-video%2Fvol2%2F2009%2F3%2F6%2F58%2F351%2Fcc3cbb44-1b31-419b-ba89-d6536badc39e.flv
