One of the scariest statistics is the number of people unemployed 27 weeks or longer -- now 5.4 million. This number soared by 450,000 in the last month.
At 27 weeks, people start losing their unemployment benefits. Then what?
This number is likely to rise by another million plus by the end of the year?
This does not bode well for the economy or the the Christmas retail sales season.
Sources of Information
Real Unemployment Jumps to 17.0 Percent (Explanation)
Bureau of Labor Statistics -- Employment Situation news release
Table 12 in the Bureau of Labor Statistics
Commissioner's Statement on the Employment Situation
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