Didn’t we just have a whole summer of recovery?
Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September — up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month — the unemployment rate was 9.4% in mid-September — and therefore is unlikely to be picked up in the government’s unemployment report on Friday…
The consensus for the report tomorrow seems to be for a figure of 9.7 to 9.9%…I figure it won’t, under any circumstances, go to 10% simply because Obama and Co won’t let unemployment be officially in double-digit territory a few weeks in front of the vote. Someone will fudge the numbers sufficient to keep it below 10…even if its 9.96%, or some such.
The bottom line is that we are heading back in to full blown recession. The stimulus failed – now we’ll have to become a bit more responsible and realize that balancing the budget and cutting taxes is the only way out.
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