Saturday, May 09, 2009

Recession

I was sort of kidding, but I am rather taken aback at how people seize on any tiny bit of not awful economic news and use it to say the economy's starting to rebound. Maybe they're right! But, Jeebus, unemployment just hit 8.9%!! It's true that employment tends to be a lagging indicator, but that's just another way of saying even if GDP turns around... there's a lot of economic pain to come.