Found this intersting tidbit on the ol’ HuffPo this morning — Unemployment is gonna hit a 26-year-high! Break out the balloons, Top Ramen and Boones Farm! The Great Brokacalypse of 2009 staggers on!
From Huffington Post:
WASHINGTON — Out-of-work with no place to land, the legions of America’s unemployed are growing. The Labor Department is scheduled to release a report Thursday expected to show the nation’s unemployment rate edging closer to double digits. Wall Street economists predict the jobless rate will rise to 9.6 percent in June from 9.4 percent in May. That would mark a 26-year high.
The rising rate comes as recession-weary companies continue to cut workers. Economists expect a loss of 363,000 jobs in June, up from 345,000 job cuts in May. Economists believe a chunk of those cuts will be tied to shutdowns at General Motors Corp. and fallout from the troubled auto industry.
Oh, goody! MORE broke people to fight with for crappy part-time jobs at Family Video and Sonic! But economy watchers swear the worst it over! Really this time! Stop laughing! They’re serious!
(I)f economists’ forecasts are correct, it would be consistent with the belief that the worst of employers’ payrolls cuts have occurred. Companies are expected to keep shedding jobs through the rest of this year, but economists hope the pace will continue to taper off.
Oh, they HOPE it’ll taper off. Yeah. Hoping will get pa his job back at the mill. Hoping and correspondence courses at the technical college so he can become a medical billing assistant.