Unemployment datapoint of the day

June 5, 2009

Remember the stress tests? The baseline scenario had unemployment in 2009 at 8.4%, rising to 8.9% under the more adverse scenario. Well, we’re only up to May, and already it’s at 9.4%.

Bloomberg tries to find a silver lining to today’s gut-wrenchingly atrocious unemployment figure:

The jobless rate increased to 9.4 percent, the highest since 1983, in part as more people joined the labor force to look for work.

Hey! People are out there looking for jobs! That must be a sign of optimism, right? Er, not really. It just means that households are getting desperate. Yes, the headline payrolls figure has a positive second derivative. But there’s nothing to get cheered about in this jobs report.

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