SAN FRANCISCO (MarketWatch) -- California's unemployment rate, one of the worst in the country, reached 11.9% in July, according to the Bureau of Labor Statistics Friday. The state led the country in the number of jobs lost in July with 35,800 lost jobs. States with higher unemployment rates are Michigan at 15%, Rhode Island at 12.7%, and Nevada at 12.5%. The national unemployment rate is 9.4%. http://www.marketwatch.com/story/california-unemployment-rate-reaches-119-2009-08-21
So, California's real unemployment rate is probably a minimum of 22%. Things are playing out very eerily here in accord with the 1930s, with a raging bear market rally in the aftermath of a financial crisis, while unemployment soars and the real economy struggles hugely.
Excellent tme to short the banking sector. Shorts were squeezed. Every long seems to be "comfortable" with the economic outlook. Now is the time to hammer them !
i really wonder who the people are still chasing the markets at this level, the distortion to the real economy is unreal
Because the gov won't let it come down again. People got to pissed off and scared. viva la inflatione'
Dow 15,000 here we come, unemployment rates can continue to rise, at this point it doesn't seem to matter, they will continue to extend the unemployment benefits whether its 79 weeks, 145 weeks or 3500 weeks, they will keep them going until the economy finally turns around in 10 years.
I can't wait to get in line for the stock stimulus package. I propose that everyone gets a $10,000 investment account from the government. The only thing your allowed to own in the account are stock indexes for diversification and stability and we want to reward patience buy not allowing you to sell for what 25 years maybe. that should really get the indexes flying.