Friday, February 26, 2010

Key word? "Unexpectedly"

From The Washington Post:

Unemployment claims filed last week rose unexpectedly, coming in at 496,000, up 22,000 from the previous week.

Unexpected by whom? Certainly not unexpected by business owners struggling to keep their companies afloat.

The U.S. unemployment rate stands at 9.7 percent, a number that decreased from the previous month only because so many unemployed Americans gave up looking for working, shrinking the job pool.

The truer unemployment rate stands at 16.5 percent, a number that takes into account all of the people who should be working full time but are not: people who have given up looking for work, or "discouraged" workers, and those who want full-time jobs but are forced to take part-time work.

Economists expect the official unemployment rate to remain near 10 percent through at least the remainder of the year, a factor that will impact the midterm elections in November.