Final Shuttle mission launches, briefly distracts from Unemploymageddon

Overcoming concerns about weather — and a last-minute technical hitch that created a dramatic countdown hold at T-minus 31 seconds, with just minutes remaining in the launch window — the Space Shuttle Atlantis rocketed into space a few minutes ago, a picture-perfect final launch for NASA’s 30-year Shuttle program. [UPDATE: Apparently, liftoff occurred with just 58 seconds left in the launch window. Whew!]

Ubiquitous tech guru Robert Scoble was there, and took this photo:

So, Atlantis made it into space before Loyabelle made it out of Becky’s belly. Today is her “scheduled launch date,” too, if you will, as the countdown sidebar at right makes clear. (“Baby Loy #3 due; last Shuttle launch: 0 days.”) But as of now, the baby-launch countdown clock is on a “hold.” The launch window extends through Tuesday morning, then she’s coming out whether she likes it or not. 🙂

Anyway, back to the Shuttle launch. Here’s what it looked like on my computer:

I only just barely remembered to tune in — the hold at 31 seconds probably saved me from missing the launch altogether.

The launch created a brief distraction, at least on Twitter, from the morning’s other big news: the release of a truly dismal jobs report, which was — in all seriousness, “unexpected” jokes aside — far worse than economists, market analysts, and investors expected, as demonstrated by the stock market’s plunge.

There is all sorts of #PANIC out there today, both political (#PresidentBachmann #PANIC!) and economic. The latter is well encapsulated by this series of tweets by Washington Post economics reporter Neil Irwin:

T-minus 3 minutes to jobs report. Brace yourself!

18k payroll jobs

Terrible, terrible number.

Unempoyment up to 9.2%

Private payrolls up 57k

May number revised down to +25k jobs.

This is a horrendous report.

Average hourly earnings flatline, unchanged.

Sheesh. 18k payroll job creation, compared to 105k expected and 54k last month. That’s basically no net job growth.

This seems to throw into question the second half bounce-back story.

Rise in unemployment rate is for bad reason (fewer people with jobs), not good (more people entering labor force).

272k people dropped out of labor force–if they hadn’t, unemployment rise would be worse.

39k government jobs slashed, after 48k slashed in May.

Drop of 12k temporary jobs is a worrisome sign for the outlook–tends to be a leading indicator.

6.3 million people unemployed for more than 6 months, 44 percent of total.

Median duration of unemployment up to 22.5 weeks, from 22.

U-6, broader measure of unemployment, is way up, to 16.2% from 15.8%.

Usually you can find some silver linings or glimmers of hope in any jobs report. I haven’t found a single one in this stinker.

I was a lot more confident in that view an hour ago MT @ryanavent: Perspective: other data pts are getting better and a better 2nd half looks likely.

Maybe Loyabelle isn’t coming out of the womb because she knows there are no jobs out here for her. 😉 In all seriousness, my big fear: will we someday look back at 2010 as being equivalent to 1933 — an illusory recovery followed by a “double dip” as bad or worse than the original recession/depression? Brother, can you spare a binky?