Comments on: How weak is the U.S. employment market? http://www.creditwritedowns.com/2009/04/how-weak-is-the-us-employment-market.html Finance, Economics and Markets Fri, 10 Feb 2012 00:37:00 +0000 hourly 1 By: Edward Harrison http://www.creditwritedowns.com/2009/04/how-weak-is-the-us-employment-market.html#comment-56237 Edward Harrison Thu, 23 Apr 2009 17:50:00 +0000 http://www.creditwritedowns.com/?p=8006#comment-56237 John, You are missing the point. The increase in unemployment already has affected consumer spending. But that affect is starting to become less pronounced. As Kasriel notes, consumer spending is now surprising to the upside. John,

You are missing the point. The increase in unemployment already has affected consumer spending. But that affect is starting to become less pronounced. As Kasriel notes, consumer spending is now surprising to the upside.

]]> By: John http://www.creditwritedowns.com/2009/04/how-weak-is-the-us-employment-market.html#comment-56236 John Thu, 23 Apr 2009 17:45:00 +0000 http://www.creditwritedowns.com/?p=8006#comment-56236 Well... OF COURSE it was a lot worse in January. All those holiday short term jobs were shutting down. Sorry, there is no way to paint a happy picture of current unemployment figures, which are well watered down by the government in any case. Real unemployment is closer to the U-6 figures, now approaching 17% just 6 months after our "Crash of '08." It did not reach this level during the 'Great Depression' for a full 18 months, (June of 1931). So we are well ahead of Depression era job loss rates, and to think that this will not affect consumer spending is silly. It will. Well… OF COURSE it was a lot worse in January. All those holiday short term jobs were shutting down. Sorry, there is no way to paint a happy picture of current unemployment figures, which are well watered down by the government in any case. Real unemployment is closer to the U-6 figures, now approaching 17% just 6 months after our “Crash of ’08.” It did not reach this level during the ‘Great Depression’ for a full 18 months, (June of 1931). So we are well ahead of Depression era job loss rates, and to think that this will not affect consumer spending is silly. It will.

]]>