Unemployment Up

The DOW lost 143 points today. The good news is that it was not 300 points.

Unemployment and layoffs are on the economic menu. The question of concern is exactly how deep will the layoffs get. Will the percentage of unemployed rise even higher. Personally I believe unemployment figure are skewered to look better than they actually are. This is for the benefit of the government and how it is perceived by the public. Also many people just simply fall off the chart, their benefits run out and nobody is keeping track of their joblessness any more.

I would guess-timate that the percentage of unemployed already exceeds 10%.

Reuters: Wall Street falls on job woe, Citi

Payrolls were cut slightly less than expected, but the U.S. jobless rate climbed to its highest in nearly 16 years and the number of jobs lost in October and November was increased, pressuring already weak consumer spending.