When the June unemployment numbers were released last week, it scared me because the deeper the numbers increase month after month the longer and more difficult it will become for the economy to show any true signs of recovery. Reason, the people unemployment are also getting more and more frugal and aren't spending and the multiplier affect sets in causing business to fail and laid off more people.
The unemployment rate stands at 9.5% which is the highest since 1983, but the horrifying number is a broader measure established by the government termed "U6" which constitutes workers who have quit looking for jobs or who can't find anything in their fields of expertise.
That rate is up to a whopping 16.5%.
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