I went to a gathering the other night at the Prague Cafe in San Francisco and hung out with a few people that I didn't actually know. Seems that half the people I met were unemployed. Some of them with MBA's. One of them had been out of work for 2.5 years. Not a great time to be a worker bee in America. Just look at this fucking debacle of a chart from NYT.Note:
Like the B52's Rock Lobster song, "Down...down....down."
Now, as we head into the holiday season, let's look at the retail numbers from The Rockefeller Institute.
Whether we've bottomed out there is hard to say. But if unemployment hasn't bottomed out, then it's doubtful that retail spending is going to rebound anytime soon. Which means we're still stuck in the great recession (or coping with a contraction is perhaps a better way to put it) until further notice.