In some U.S. states, nearly half of the job seekers who have stopped looking for work have done so because they simply don't believe they'll find anything. Indeed, the number of discouraged workers nationwide has more than doubled in the past year. This trend won't be reflected in the widely publicized unemployment rate, as discouraged workers aren't included among the unemployed. Still, in states as diverse as Mississippi, South Dakota, and New York, the span of this often invisible slice of workers signals a population losing its hope.
Interesting.... discouraged workers not counted as unemployed even though they are unemployed
After this quarter's reports, it is now clear that America is in a Depression as measured by a 10% decline in GDP. We have seen transportation company after transportation company report declines in sales of 20-30%. Similar reports by industrials. Technology not far behind. Auto Sales are down 50% from peak and New housing is down 80%.
We now have 50% or our nation's Architects unemployed, wages to tens of millions evaporating, and retail sales are falling off a cliff. No doubt current conditions are terrible and the outlook is even worse.
We have still not felt the brunt of the impact from State, County and City cutbacks....and hit will be very visible. We are already starting to see unrest among our poor, students, and government workers.
Where this goes is still unknown, but what we do know is if we continue down this Zombulation road, the slope is only down.