The news today is worse than expected. Unemployment jumped the 10 percent mark. The unemployment rate only measures the number of people actively seeking work. Many have stopped looking for a job for various reasons. And many more have become underemployed and are hanging on by a thread. They are not counted in the unemployment figures. They have little hope of returning to once vibrant careers.
Meanwhile, layoffs continue. Businesses are still closing. Borders books announced this week that it will close many of its smaller stores. Storefronts remain empty. The newspaper business, the profession I worked in for 29 years, continues to get rid of journalists, ad reps, circulation managers and others.
It's hard to see anything positive happening in this so-called economic recovery.
Update: Read more about the real number of out of work or underemployed people at http://www.nytimes.com/2009/11/07/business/economy/07econ.html?_r=1&hp
I had a feeling that today's headline wouldn't slip past you. I don't even understand the concept of a "jobless recovery." At least you can bask in the afterglow of the Yankees win.
ReplyDeleteNow if the Yankees could only provide me a paycheck perhaps I could avoid living in my car in the not-so-distant future.
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