Weekly Jobless Claims Soar Again


Weekly jobless claims have soared again to 573,000.  That’s an annual rate of almost 30 million workers, or 22% of the labor force, losing their jobs every year!  The pace of these layoffs is breathtaking and accelerating at the very time of year when job gains are usually their strongest. 

It’s worth noting that, at the peak of the Great Depression in 1933, unemployment reached 25%.  While our official unemployment rate is currently only 6.7%, the way that figure is calculated has been revised many times since  1933, making the data appear better than it is.  Many economists point out that, if we include everyone who is looking for work, has given up looking, or has taken part-time jobs for lack of anything better, unemployment is actually more like 12-13%.  And it’s climbing fast.

This data is a very bad sign that the economy is deteriorating rapidly and that the unthinkable – a depression – is becoming a stronger possibility with each passing day.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: