Posts

Showing posts from October 8, 2010

September unemployment - ouch.

Image
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. Unfor