10% Unemployment Looming

categories: Corporations, Federal, Government, Jobs & Unemployment, States, stimulus, The Economy

Published November 05, 2009 @ 12:00PM PT

New unemployment #s come out tomorrow - economists predict 9.9% unemployment nationwide. Can I just round that up to 10% and call it a day?

First time jobless claims were less than expected in October, though only 20k fewer of over half a million. We are supposed to take this as good news that "job cuts are easing as the economy slowly heals." This is the lowest level since January. Still...2009 is almost over and we're still seeing half a million people per month file for unemployment for the first time? That is one horribly contracting economy.

Surviving workers are laboring more feverishly than ever - productivity is up even as our incomes are "squeezed". The stimulus is keeping a lot of jobs afloat; unemployment benefits are practically extended into perpetuity at this point. No wonder discount retailers are doing slightly better than specialty stores; it's amazing we've got anything left to leave behind at the mall!

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Author

Leigh is a PhD candidate in urban planning at MIT, and a consultant on U.S. Gulf Coast recovery. She sits on the Board of the Allston-Brighton Community Development Corporation in Boston, and has worked with non-profits, foundations and local governments on policies and programs aimed at reducing urban poverty and inequality.