A report out today states that the rate of unemployment, as that figure is kept by the government, which most say is optimistic, soared to 10.2%, the highest in 26 years.  Of course the concern is twofold: first with those who are out of work now and perhaps more upsetting is that the US economy may not be turning around, despite all of the positive press.  If that is the case and a turn for the worse occurs, rather than for the better, then a year from now, this number may only be a pleasant memory.  “So far, the federal stimulus package has injected billions into local economies, giving states money, for instance, to finance construction projects or retain teachers. The housing and auto sectors have been propped up with government credits meant to encourage spending. But weak consumer demand and hefty labor costs are still forcing many employers to cut positions and reduce hours to survive.

The recession has forced many Americans to settle for part-time work because companies are reluctant to add full-time employees. The underemployment rate, which includes part-time workers, the jobless and those who have given up on searching, was 17.5 percent in October — the highest level since at least 1994.”

Here is a link to this sobering article: http://www.nytimes.com/2009/11/07/business/economy/07jobs.html

 Michael