It was announced today that the unemployment rate reached 8.9% but it appears the trend is slowing.
Looking at the chart below it still shows there is a long road ahead for people out of work. In addition wages have been falling, gas prices rising again. This will impact consumer spending and be a drag on growth.
Situation worse than early 80's?
The media tells us the employment situation is worse than 1982. When looking at employment changes year over year we have not seen this impact on employment even going back to 1950.
Year over year changes in employment is close to -4% in the 1950's it hit -3%.