10% Unemployment Looming

by Leigh Graham · 2009-11-05 12:00:00 UTC
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New unemployment #s come out tomorrow - economists predict 9.9% unemployment nationwide.  Can I just round that up to 10% and call it a day?

First time jobless claims were less than expected in October, though only 20k fewer of over half a million.  We are supposed to take this as good news that "job cuts are easing as the economy slowly heals."  This is the lowest level since January.  Still...2009 is almost over and we're still seeing half a million people per month file for unemployment for the first time?  That is one horribly contracting economy.

Surviving workers are laboring more feverishly than ever - productivity is up even as our incomes are "squeezed".  The stimulus is keeping a lot of jobs afloat; unemployment benefits are practically extended into perpetuity at this point.  No wonder discount retailers are doing slightly better than specialty stores; it's amazing we've got anything left to leave behind at the mall!

Leigh Graham
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