More Depression Signs: Unemployment rate jumps to 5.5 percent in May

I have talked to many people in the last few weeks... many at the colorado convention who have closed business and can't find work! if that is a sampling of what the population is going threw were in fro real hard times.. when people are not working the government does not collect taxes.. thus the deficit grows more wildly! all this don't worry be happy BS is just that BS! in housing alone, there has to be atleast a 5% drop off! over the last 2 years alone! I had 30 employees and am down to 5! what percentage of the workers in this country work in construction? if the true unemployment rate is under 8% i would be very surprised!

as for me and my home, we shall worship the LORD

5.5 % is hardly sign of a Depression. That's a healthy rate.

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Barr's GLOWING support and admiration of Paul: http://youtube.com/watch?... Dr. Paul says Barr is an ally (http://www.newsweek.com/i...)
and would do "a very good job" as president (http://www.youtube.com/wa...

This Bloomberg article states that "an influx of students into the workforce drove the biggest jump in teenage joblessness since at least 1948." This is a huge issue as this represents the future of our nation, and as we all know, college students are flat-out broke with high debt from the ever-increasing college tuition.

Even with these terrible figures that are far worse than what most economists were projecting (5.1%), they are actually understating the problem.

It would appear an 8.1% rate of unemployment (or underemployment) is far more consistent with the information we have heard or seen in the media, and certainly more sensitive to the economic pain of this recession. It should not be a surprise if this figure exceeds 12% before this business cycle is over. Not only will the ranks of the unemployed increase, but there will also be a sharp increase in the number of persons who are discouraged because they can not find work, or are working in part time jobs because they can not find permanent employment. All three conditions are detrimental to the economy, the community, the security of the family, and the self worth of the individual. They also promise to strain the viability of our political institutions.

And that's the real story on unemployment.

This morning as I was listening to the radio, they were saying that economists were "cautiously optimistic" that unemployment would actually improve with the various strikes coming to an end. Well, even with this influx of employment, the numbers are staggeringly bad.

It is no surprise that at the time of this post, the Dow Jones is down over 325 points (-2.58%) and gold is up over $21 and silver is up over $.37. I am just glad that my latest APMEX order of silver shipped yesterday.