Chris Martenson does an analysis of the July job data released today and -- Ta Da! -- discovers it's distorted! Guess what, a whole buncha people left the work force, that is why unemployment is down. Where did those folks go? The unemployment line? Are they sitting at home? Where are they?!
Denninger adds his dos centavos. Only slightly less gloomy overall.
1 comment:
As I personally know a few of the umemployed whose benefits have expired and have thus been dropped from the stats, I can tell you where they've gone:
A few have picked up part-time or temporary "contract" employment- the kind you can work 40 hours a week and then some at and not realize a dime. You can even be further in the hole, as independent contractors must bear all expenses related to their work.
Many others work temp jobs here and there. One man of my acquaintance ended up living in his car. Others have fallen on the charity of friends and are sleeping on their sofas after selling off or giving away most of their possessions. One friend is trying to get disability -good luck with that.
Things will get worse, soon, as we head further into the commercial credit debacle, which is just now starting to unwind. That's $3.5 Trillion in commercial mortgages that will never be paid back, and lots of shuttered shopping malls and commercial parks.
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