Friday, November 6, 2009

Jobless Rate Crosses 10%

After hovering in the 9% range for the last few months, the unemployment rate in the U.S. was measured at 10.2% for the month of October.

70 years ago, unemployment counts were highly inclusive measurements trying to capture every one capable of holding a job that wasn't fully employed. It was counts like these that brought us rates of 20+% during the Great Depression. Times change, and now this statistic counts only those without any employment who are actively looking for work. Those who are working part time, or who are working outside their field of expertise (computer programmers who are now baristas at Starbucks), or who have given up and are no longer looking for work will not be included in today's measurements. Factoring in these underemployment rates would double this number.

Any recent "recovery" in asset prices was not driven by increased spending or a robust economy. It is driven by taxpayer-funded government bailouts.

ADDENDUM [12/6/09]: Or you can just watch this video.

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