You might recall, back in the Spring, when the authorities set out to determine which of the financials institutions should become roadkill and which were too big to fail, that one of the factors they included was the unemployment rate. In really putting the screws to the banks, they used a big, bad, nasty unemployment rate of . . . 10 gnarly percent. Yep, 10%!
In May I included a poll about what you–all six of you–thought of that.
- 57% thought the unemployment rate would be 10-12%
- 24% thought between 12-15%
- 19% thought “about what the government’s stress test said”
Well, apparently the worst is behind us, since today’s Nonfarm Payrolls report printed an unemployment rate of 10.2%.