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Depression Level Unemployment -15.6 % and 32 Million on FOOD STAMPS
04-08-2009, 04:33 PM,
#1
Depression Level Unemployment -15.6 % and 32 Million on FOOD STAMPS
A record 32.2 million people -- one in every 10 Americans -- received food stamps at the latest count.
Grim Statistics

The official unemployment rate is 8.5% and rising sharply. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.

It reflects how unemployment feels to the average Joe on the street. U-6 is 15.6%. Both U-6 and U-3 (the so called "official" unemployment number) are poised to rise further.

Looking ahead, I expect the service sector to continue to weaken. Mall vacancy rates are rising and a huge contraction in commercial real estate is finally started. There is no driver for jobs and states in forced cutback mode are making matters far worse.

Unemployment is a lagging indicator, it is likely to continue rising until sometime in 2010.

ADP Employment Report

For another look at March jobs including a breakdown of stats by small, medium, and large sized businesses, please take a look at ADP Reports March Nonfarm Private Employment Decreased 742,000.

Depression Level Statistics

I consider these job losses to be depression level totals. Admittedly conditions are not as bad as the great depression, but this is certainly no ordinary recession by any economic measure including lending, housing, bank failures, jobs, the stock market, commodity prices, treasury yields etc.
http://globaleconomicanalysis.blogspot.com...ight-month.html
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