As Americans either work or venture out to conduct holiday shopping, the business world woke up this morning to find out that the economy is far from recovered. Unemployment surprisingly rose to 9.8% (u3), or 17% for real (u6) unemployment.
The real unemployment is more troubling as this represents the total unemployment number in America. While reported u3 represents those on unemployment benefits, u6 (or total unemployment) represents everyone who wants a full-time job, but cannot get one. And 17% total unemployment, is nearly one out every six Americans.
And to make matters worse according to a New York Time article, the longer one is out of work; the less of a chance they will find work. So the bad news just got worse for many.
The only positive news of today's developments, is this may give incentive to Congressional Democrats to back extending the 2001 and 2003 tax cuts for the foreseeable future. Let's hope they see the light.