September unemployment - ouch.

Paying attention to the employment condition of America is critical in understanding the direction of recovery.  Today's report leaves a very bitter taste in one's mouth and confirms the notion that America is actually within a depression and/or heading towards one.  Our path is only slowed down by an over zealous federal government and a central bank that is determined in repeating the follies and errors of the FDR administration.

The full report can be found here, but for brevity there is just one piece of data that you should care about.  The main headline will probably read that the unemployment rate remained steady at 9.6%, which is the U-3 number and regrettably the number used by the main stream media.


The U-6 is a much more accurate representation of where people find themselves in terms of employment.  A quick glance here and you quickly realize that we are probably at our worst as the greatest number of people have lost their jobs and given up looking.

Unfortunately this is after trillions of dollars spent by big government politicians with the promise that spending will restore employment.

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