The employment numbers came out today. The unemployment rate soared to 14.7%, the highest one month increase ever. It was admitted that it probably is low because of undercounting. The rate is probably closer to 20%. Also, over 100,000,000 are not in the labor force, which is the largest number ever. Many people just stopped working all together in one way or another. If this does not improve quickly we are in for a heap of trouble.
My concern is what will all this unemployment do to the economy? I think that even if everything opens up, no one will be spending any money. I think we are all in economic shock. I know I will not be going to the mall, out for a movie or a meal, nor will I be doing any traveling. I suspect there are millions like me. In other words, we are going to suffer a massive contraction in spending no matter what happens. How will that play out in the economy? Not well I suspect.
What do you think?
No comments:
Post a Comment