From Mish's Global Economic Analysis: Jobs Contract 11th Straight Month; Unemployment Rate Hits 6.7%
The official unemployment rate is 6.7%. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is 12.5%.
Looking ahead, I expect the service sector to continue to weaken. Mall vacancy rates are rising and a huge contraction in commercial real estate is finally started. There is no driver for jobs and states in forced cutback mode are making matters far worse. Expect to see the official unemployment rate hit 9% in 2009.
Small Businesses Have Largest Decline In Seven YearsThe ADP Small Business report found that small businesses lost 79,000 jobs in November, the largest decline in more than seven years.
From Calculated Risk:Employment Declines Sharply, Unemployment Rises to 6.7 Percent
From Big Picture: NFP: -533,000
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