November 07, 2009

Unemployment rate in Double Digits

The U.S. Unemployment rate at last hit double digits.

This is certainly interesting to see for a non-economist that the economy has started growing again but companies are still shedding employees and the unemployment rate is growing.

In fact, a story in today's New York Times states that the broader measure of unemployment stands at 17.5% ...

http://www.nytimes.com/2009/11/07/business/economy/07econ.html?_r=1&hp

In a country as fiercely individualistic as the United States, one can only imagine the effect this must be having on the people there.

Remaining unemployed for prolonged periods of time will tend to diminish one's sense of self-worth and self-confidence.

I can say that from personal experience.

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