Over 500,000 Lose Job in December; Official Unemployment Rate at 7.2%
The nation’s official unemployment rate has jumped to 7.2 percent as employers eliminated over 500,000 jobs in December. In all of 2008, 2.6 million people lost their jobs, the largest slump in employment since 1945. Economists estimate the actual unemployment rate is 13.5 percent if you include underemployed and discouraged workers, who have stopped looking for a job.
These unemployment figures track with the Shadow Government Statistics website
Graph provided Courtesy of ShadowStats.com
Please note that the ShadowStats estimate of unemployment is closer to 17.5%.
For the foreseeable future, things are only going to get worse, MUCH worse, on the unemployment front.
