It can’t be any clearer in this chart. When unemployment claims average 300,000 per week the US economy is doing well. The current average is 421,000 per week and has been over 400,000 for 15 straight weeks. That is 40% higher than it should be if we were truly in an economic recovery.
Luckily our major corporations are stepping up to the plate and laying off thousands more:
From the WSJ:
Companies are laying off employees at a level not seen in nearly a year, hobbling the job market and intensifying fears about the pace of the economic recovery.
Cisco Systems Inc. (6,500 layoffs), Lockheed Martin Corp. (5,000 layoffs) and troubled bookstore chain Borders Group Inc.(10,000 layoffs) are among those that have recently announced hefty cuts.
These unemployment numbers will get worse. Plus, the 99 weekers are rolling off. No more bennies after two years. Time to apply at McDonalds, the symbol of American success.