Last week saw improvement in U.S. unemployment numbers, as the unemployment rate declined from 10.2% to 10%. However there is still much with which to be concerned. Key is that the rate which reflects both underemployed and those who have just given up looking for a job is still over 17% (17.2% for November vs. 17.5% for October).
Other unemployment notable facts include a 28.5 week average length of time without work for all umemployed persons. Also, 38.3% of those unemployed have been jobless for at least 27 weeks. These measurements are at record levels since such recordkeeping began in the 1940's.
We think unemployment and its implications for consumers is still very concerning. We may not see the full impact of unemployment until government stimulus for things like auto purchases, home purchases, possible job tax credits and the like have run their course.