WWW: Correction to my last post about historic unemployment in the US. Having double checked my off the cuff remarks I found that the previous postwar high was 10.8 percent in December 1982.
If the US does go past this (only another 0.6% required) then you're back to 1929 and the Great Depression for a bigger number.
The figures have been under estimated.
Their model could not handle the early part of the year.
:Bloomberg Annual Revisions
The Labor Department today also published its preliminary estimate for the annual benchmark revisions to payrolls that will be issued in February (2010). They showed the economy may have lost an additional 824,000 jobs in the 12 months ended March 2009.
The backward revision comes February 2010 & expect that 824K to also be revised up....