Well, I suppose: but at some point you run out of "discretionary" workers and start flat-out closing firms. And on top of that, many economists (never quoted by the media) say that the REAL unemployment rate is a staggering 16-17% when you account for those who have quit looking for work.
We'll know more soon, as in many states the unemployment bennies are running out.
About half the labor force is government. Although a few towns, a bit at the state level, there have been layoffs, nothing like the private sector.
So, the bulk of that 17% is from the private half. Let’s say 15% to be conservative, and again that is everyone employed. Sooooo,...that 15% really is 30% in the private sector, and maybe 5% of the government sector.
Nice, eh?
Maybe one in four, one in five, or one in three in the private sector is out of work, given up....
Naturally neither the Democrats whose voters are mostly the government workers, or welfare, or disabled, or government private contractors, or lawyers( paperwork industry workers union ), no the MSM mentions that this is a private enterprise recession, not public/government worker recession.
Re Post 20:
I know about U-6, the old style unemployment measure.
I’m still pessimistic about our situation for a number of reasons, but we seem to have slowed. Is it a bottoming process or a level spot on a steeper decline? Time will tell, although I’m looking for something double dippish for a number of reasons:
- US deficit is linked to dollar weakening, and will eventually require higher interest rates for funding, which will in turn depress economic activities and real estate
- RE problems are being papered over. FHA is lending at a few percent down, which is repeating the errors that got us here in the first place. Banks aren’t marking to book unless they are taken over. Commercial RE problems yet to be realized.
- Less economically defined but psychologically important is Administration policy. Unfriendly to business, high tax, pro-union. Ask yourself: Would you risk your capital to start a new business as readily as you might have 10 years ago in the face of these headwinds?