This is a brief entry to highlight the excellent work of Mish disecting the sad state of unemployment in the USA.
The US Government has been directly misleading with unemployment statistics, which currently reside about 6 million officially. The real unemployment rate is about 10 million. Read Mish's article to understand the data manipulation and how truly bad this unemployment as compared to recent history. This economy won't turn around by Q4 2009, or for that matter Q1,2,3 of 2010.
Mish' also highlights how the US has been losing jobs since 2001. Not a cheery article to say the least.
Mish also has an article showing how wages are retreating, currently at 4.7% annually.
One of every 10 American workers will be without a job by early 2010, economists project, shaking the confidence of those still on payrolls and discouraging spending. It may take as long as 15 years for consumers to fully repair finances battered by the decline in home values, stocks and employment, said Edmund Phelps, winner of the Nobel prize in economics in 2006.