Friday, November 6, 2009

Weekend Open Thread

  • Officially double digit unemployment in the USA. Too bad, the unofficial or the other official metrics of unemployment are much higher.
  • Canada is not doing so badly at a mere 8.6%. But what's this, someone is actually questioning the discrepancy between what StatsCan reports based on household surveys and the official payroll reports. There's a huge gap between the two. The unemployment numbers based on household survey are very volatile for Canada showing huge gains and losses in a short period. Potentially, the higher the layoffs in a month, the more the vigor with which the ex-employees will claim that they are self employed. I'd say that the payroll report is more objective, unless we want to believe that employers are firing employees and then hiring them again pretty soon as consultants.
  • But I guess none of this should really make any difference to the overall economy. After all, an economy built on speculation in stocks and commodities and selling homes to each other does not require such puritan thoughts as solid employment, savings, fiscal and monetary restraint. I guess everyone will now have more time to attend open houses, visit show homes and become day traders . {Sarcasm}
  • Have a good weekend everyone.
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