Great Recession

Brother can you spare a penny? They call it the Great Recession. Although official unemployment rate is 10.2% the broader rate is 17.5% and rising. Jobless number is near 20% or Great Depression numbers. People, never since the Great Depression have things been so bad, and they are about to get much worse.

record high unemployment in japan

Take a look at what happen to US unemployment numbers when our automobile industry fell apart. Toyota says it may close 51% of domestic production. Jobless numbers in japan are at a record high. The lost decade extends. Exports are dropping due to US economic recession. Ruling party is ousted by a new political party. Japanese voters want change.

Record High Unemployment Numbers

The number of unemployed is at a record high today with jobless claims rising past 5.3 million. It is shall we say a sad day. The government plans to add $25/week to workers on unemployment. Actually, many states are running out of money.

Largest unemployment increases occur in New York, California, and Oregon due to a slow down in construction. Analysts say our rate of decline is continuing to accelerate in a downward direction.

eurozone woe

Those who speak of economic woe in america need to know that eurozone economy is worse and in fact, it is falling off a cliff into the cold waters below. Currently, eurozone new unemployment rate stands at 8.2% and is rising. The sky high unemployment rate figure will put pressure on ECB or European Central Bank to cut loan rates even below 2%. The fall in core inflation is due to a reduction in consumers ability to find work and as eurozone new jobless queues lengthen we see an increase in pain.