Quote:
Originally Posted by Dantheman62
Joblessness at 10 percent for 2nd time since WWII; millions of unemployed feel no recovery!
|
Blessings Dantheman62,
Here is a recent Karl Denninger analysis of new unemployment numbers to add to your thread.
PaL
Employment Report: OUCH
Friday, November 6. 2009
Posted by
Karl Denninger
Yow.
The
BLS employment report is out and it's not good.
http://market-ticker.denninger.net/u...009/empsit.pdf
Here's the BLS' top-line graph set:
CHARTS: SEE LINK BELOW
This graph continues to accelerate in a near-parabolic rise since June.
In the history of the data available for this series, unfortunately only back to 1999, this has never before happened.
Our government, by choosing to protect the oligarchs and banksters instead of allowing the market to force the bad debt out into the open where it defaults has chosen to saddle our nation's citizens with unconscionable and unsustainable debt loads, both at a government and personal level. This was a critical error and, as I expected and predicted, it is now being reflected directly into the employment situation.
There is no reason for cheering in this report; you can argue over "productivity gains" all you want but without jobs the civilian population cannot buy "stuff", whether that be goods or services, and a durable economic recovery is impossible.
Buckle up folks; this ride could get a bit rough, especially with the holidays right around the corner upon which virtually all retailers depend for their continued viability.
Continues with CHARTS: http://market-ticker.denninger.net/a...port-OUCH.html