Friday's Terrible Jobs Report

Friday's jobs report was terrible. The good news is that the market was expecting it, so stocks aren't getting clobbered.

Here's some perspective: On average, 16,000 people lost their job every day for the last four months of the year. That's like a decent-sized town getting wiped out every day.

Here's the NFP (in thousands):

That trend does not look good. Eleven million Americans are now unemployed. Over the last three years, the labor force has grown by 4.44 million, yet employment has grown by 555,000.