Thursday, February 4, 2010

Another ‘Green Shoot’ from America

First-time U.S. jobless claims rise just as expected. The US Labor Department has stated that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street cornflake economists had, of course, wrong as always, expected a drop to 460,000.

This means that the number of unemployed soon can be calculated above 20% also by government measures. Today the figure is 17%. Real unemployment has already reached depression levels, but is hidden away so those who remain working continue to spend money they don’t have so GDP shows better levels.

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