Unemployment was last reported at 9.7%. That number, we know, dramtically understates the real number which most people, including Robert Rubin whom I was very fortunate to have lunch with on Wednesday, think is closer to 15%. John Mauldin in this week's newsletter does a deep dive in to the US employment, or should I say unemployment, situation and is worth a read. If you are not yet a subscriber you should be so click here to become one. ( it is free)"There are 154,577,000 people in the available work force. We are down almost 8 million jobs since the onset of the recession, and there are almost 15 million people unemployed" in the US. Bottom line from his piece is that we are in a "New Normal" ( a term Bill Gross likes to use as well) and it will take a long, long time to for our economy to recover.
1 comment:
I hope that this ongoing global recession is the only factor responsible for this increased rate of unemployment. I agree that the unemployment rate could go beyond 15% and surely it will come done only after the recession.
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