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Try 16 percent unemployment

by henry on August 24, 2011

Here is an excerpt from an interesting commentary in the August 15 issue of the New Yorker.

“For more than two years, the unemployment rate has been close to or above nine per cent. (That is the official rate; if the government counted people who have given up looking for work or who have been forced to work part time, the rate would be sixteen per cent.) And it’s not just the labor market that is frantically signalling distress. The gross domestic product, after growing modestly in 2009 and 2010, has hardly expanded at all this year. Consumer spending has stalled. In many places, house prices are still falling. On Wall Street, there is renewed talk of a double-dip recession.”

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