On Friday the news came from the Bureau of Labor Statistics that unemployment reached double-digits, something the Obama administration had desperately tried to forestall.
We collected some reactions from bloggers and reporters on what this means:
Felix Salmon, blogger for Reuters: “This is truly awful….When you’re unemployed, you don’t spend. So long as unemployment remains high consumer demand will be depressed. That’s going to be true even if the savings rate starts dropping, thanks largely to the enormous debt burden that US consumers have already placed upon themselves.”
Megan McArdle, business blogger for The Atlantic: “This figure is likely to get worse before it gets better. Corporations tend to want some evidence of sustainable recovery before they start hiring workers who will have expensive startup costs and will be traumatic to fire if there’s another downturn.”
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