BLS.GOV : Unemployment is 17%
October 21, 2009
The BLS.GOV site is reporting that the Unemployment rate has reached 17% in the US via the U-6 Standard. This standard is what was roughly used during the 1930’s, squarely placing us at 1931 in terms of the unemployment rate. By 1934 that rate jumped to a full 25%, meaning that 1 out of every 4 people was without a job, so at current job loss rates, within 900 days we will be at that 25% unemployment level. How do you market and advertise in such a recessionary environment?
We argued earlier this year that the U-6 needs to be the measure rather than the U-3, We were criticized as being off the wall, until a Federal Reserve head stated the same thing, hence validating our position that we have argued for months for.
Yes we were even called Peter Schiff (like it was an insult)
If you want to know who Peter is, here is a video dated 2006…. notice he was right then… in the middle of the housing boom and made Arthur Laffer look like an idiot within 18 months of it’s filming.
The point is that 17% is ugly, really ugly… and the chances are it will go to 20% or higher unless something stops it…. last time it was WWII … who knows what it will be this time….
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