Saturday, June 4, 2011

Economy Still Blows: As Co. Profit$ Soar, Unemployment Escalates

There's no need for a ton of words here. Simply put, the U.S. job market continues to blow. Despite reports that attempt to put a positive spin on the economy every time Wendy's hires a new cashier, facts is facts: While executive pay skyrockets and company profit margins soar, they are simply not hiring.

In May, 54,000 jobs were added, the smallest "gain" in eight months. The unemployment rate rose to 9.1%, as 11 million jobs have been lost since 2008. A lock on jobless claims reached a benchmark in May not equaled since 1984. Unemployment spells are also growing longer; the average duration is now 39.7 weeks, another record. The long-term unemployed now make up 45.1% of those out of work.

So can we please stop reporting that the Great Recession ended two years ago? And might we begin terming it the second Great Depression, as it ought to be?