Saturday, May 8, 2010
Economic Update - May 07 2010 (Unemployment SOARS)
Unemployment rose in April as discouraged workers wondered back into the work force. The mainstream media's continuous hyping of an economic recovery lured many unemployed workers back into the workforce, only to not find jobs. The official unemployment rate rose to 9.9% while the U6 unemployment rate rose to 17.1% (even higher than last year.) Unlike the official unemployment rate, the government's U6 number includes discourage workers and part-time workers want need to work full-time.
If you look at the industrial production chart, you can see that bump of late 2008 has quickly faded.
But you'll also see retail sales rising. So what does this mean?
It means that the stimulus package has does nothing but postpone and worsen the inevitable. Many Americans will spend every penny they have on junk until the moment of total collapse. Don't be one of them. Store food, water and ammo. Things are going to get rough.