Here’s another chart, which isn’t so encouraging. Unemployment rate Friday gave us a grim picture of the unemployment situation in the US, the actual number being much worse than what was expected by economists. Here’s how the recent unemployment compares to the past years, from a post by PragCap aptly called ‘Not Your Average Recession’:
There are predictions (including mine) that Q3 would show a positive growth but it’s hard to feel it when unemployment continues to rise. That only translates to further defaults and flat consumer spending. Oh well.