The Standard.com
Submitted by Ian Lamont 12.14.2009
Economists and market watchers have been talking about the U.S. coming out of a recession for months. But one indicator of economic health -- the unemployment rate -- has remained stubbornly high. In October, the Bureau of Labor Statistics reported that the rate reached 10.2% (triggering judgment on an Industry Standard prediction months before the scheduled deadline) before dropping to 10% in November.
The question now: Will it drop below 10% by the time the BLS reports December's unemployment rate in early January? At this time last year, when the recession was in full swing, the unemployment rate leapt from 6.8% in November 2008 to 7.2% the following month. How different is the situation this year? Despite Larry Summers' assertion that "everyone agrees the recession is over", an official determination has yet to be made by the National Bureau of Economic Research, and millions of people outside the Beltway are still suffering.
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1 comment:
I hate to sound like a sceptic, but everywhere we look we see the daily dispair. People are out of work, and begging for jobs anywhere they can find them. At my place of employment our labor is extremely low, and yet our Boss is yelling that every week we are blowing labor! We have cut probably 60% compared to last Holiday season and yet our sales are under by 30% at least. Banks are continuing to fail ( or be artificially propped up) and people are still lossing their homes. Inflation is starting to reel it's ugly head (Just check out food prices), and they will go higher. If you create money out of thin air and give out loans that cannot be repayed, then you will sooner or later feel the effects of your irresponsibility! Yet the bureaucrats and the media want to tell us that we are in recovery. I heard the same thing from a drunk I've known for 10 yrs! He's in recovery as he drinks himself to death!
.SIC SEMPER TYRANNIS
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