More and more unemployment is bad in so many directions: personal, family, friends, and larger economic and living standards. We are talking about rising poverty, rising foreclosures, crime increasing, and a growing general malaise.
This is to a certain degree expected, and we know that, but it is still ugly.
This could throw a wrench in today's market activity which up to this point has been positive.
CNN: Jobless claims in surprise rise
There were 576,000 initial jobless claims filed in the week ended Aug. 15, up from a revised 561,000 the previous week, the Labor Department said in a weekly report.
1 comment:
I don't think we've seen anything yet on this front. My guess is after the big market correction this fall it's going to be even worse in 2010. Plain truth here is job creation is not a priority of the Big Corp sector and the small business sector has been devastated by the credit crunch. It's ugly for the average PRIVATE worker for as far as the eye can see. I told my kids get teaching degrees and Masters at that because the Private sector is now a closed game with those who still have jobs just hanging on to them till their boss figures out a way to ship it off to China, India or Vietnam. Our Patriotic Private sector is up to it's ass in all things China etc. It's abandoned the American worker.
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