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Friday, November 07, 2008

Unemployment Summary Nov. 08

The Bureau of Labor and Statistics released the "Unemployment Situation Summary" this morning and the results were anything but good. Unemployment has risen .4% from 6.1% to 6.5% while payroll employment shed 240,000. The complete summary can be found here.
This is quite alarming and does not show any signs of letting up. It seems as though the federal government is trying to throw everything that they have at the situation and the best that can be done is to slow the decline. Granted, we all expect them to do something, it is just a matter of time before they run out of stuff to throw at this thing. I mean, the Federal Reserve has dropped rates to the point where they are almost out of points to shave. In addition to that, I find that the point drops only stave off the decline for a month or so. I also think that a second stimulus is going to do little to nothing to remedy the situation due to the fact that the first stimulus did little to nothing. I don't know about you, but I just used mine to pay some bills. I don't know anyone who rushed out to buy a new plasma television.
I guess we'll have to wait and see just what happens in the coming months, but many people seem to think that unemployment will reach 8% (during the depression they were around 20% I believe) by April and we all know that wont be good for anyone.