Since October, most of the financial news has been about Europe and the potential for a global meltdown. The credit squeeze resulting from this crisis has become painful enough to demand serious action, which in global terms means our own Federal Reserve taking the lead. Very little has changed since this crisis began upwards of two years ago, except the brick wall is approaching rapidly.
But what about the other big economic problem, unemployment? Very little has been written about jobs in the US since it appeared in September that something like a turnaround has occurred. Unemployment Initial Claims were 390k-400k each week, seasonally adjusted, through October and November with little change. That’s a net loss of 1.7M jobs per month before we add in the total creation to arrive at the total employment picture.