Updated Unemployment Rate

The latest report on the unemployment rate from the Bureau of Labor Statistics was released yesterday. If you’re into the “less bad” thing, then this report has some good news for you. Only 216,000 jobs were lost in August. The bad news all around, though, is that the official unemployment rate rose to 9.7 percent – the highest rate in 26 years.

Calculated Risk puts it in perspective saying, “The economy has lost almost 5.83 million jobs over the last year, and 6.93 million jobs during the 20 consecutive months of job losses.”

 But worse than that, the Associated Press reported last week that more than 1.3 million people will exhaust their unemployment benefits by the end of the year. The same report puts the number of unemployed at 14.5 million.

And all of the above is based on the official BLS numbers which we all know are only a fraction of the true unemployment numbers. In the real world, where most of us live, the actual rate of unemployment is now around 21 percent.

Visit ShadowStats.com

Courtesy of ShadowStats.com

Not surprisingly, then, government tax collection isn’t going so well.

withholding

And government spending? Like there’s no tomorrow…

spending

None of it bodes well for the immediate future.

“By the pricking of my thumbs, Something wicked this way comes.”
William Shakespeare, Macbeth Act 4, scene1

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