Jobs Report: Keep Panic Alive

This analysis of today's terrible job report from Action Economics sounds about right:

In total, today's weak U.S. jobs data highlight that we are seeing at least the sharpest pace of decline for the U.S. economy since the uglier quarters in the 1980-82 period, and possibly since the Great Depression. Media comparisons to the Great Depression will keep panic alive, as will mounting focus on the enormous stimulus package that will be debated by the new Congress. It is unclear when this massive deleveraging process will start to diminish, but another round of nasty monthly reports to be released through the remainder of January and early February will continue to fuel public austerity over the near-term. The label "Great Recession" seems appropriate for this period, and the name may well stick once policymakers and economists eventually get the opportunity for a posthumous analysis of the cycle.