No nation keeps its word. A nation is a big, blind worm, following what? Fate perhaps. A nation has no honor, it has no word to keep... ~Carl Gustav Jung (07-26-1875 - 06-06-1961)--> Click here
[Insert something clever here.]
As taken from "When [the] Economy Bottoms Out...?"
HOW BAD IS IT?: The U.S. unemployment rate hit 8.1 percent in February, a 25-year peak. The nation has lost 4.4 million jobs since the recession began in late 2007.
The job cuts began early last year, as the housing and construction industries slowed down. The collapse of the financial industry in the fall battered white-collar workers. Soon, layoffs spread across industries and income levels.
HOW MUCH WORSE COULD IT GET? The darkest days for the job market are almost certainly still ahead. With spending weak and credit markets stalled, experts think the economy will probably shed a total of 2.4 million jobs this year. That would mean an unemployment rate above 9 percent.
That would easily surpass the 2001 and 1990-91 recessions but trail the 10.8 percent rate of December 1982. Those expectations could be optimistic: The government's "stress tests" to check the strength of banks' balance sheets assume a 10.3 percent rate.
The job market will probably be weak for years, even if the economy starts to turn around next year. The unemployment rate may not fall back to its pre-recession level of 5 percent until 2013, according to Moody's Economy.com.
Are we seeing a red flag yet? I hate to be a bearer of bad tidings but if we don't change soon, the situation won't either.
The highest rate of unemployment in the last 25 years?
We're being shown something big. Maybe it's time we should listen.