Mass unemployment haunted the markets today, as news came out that the U.S. one of the world’s biggest economy is expected to have lost 365,000 jobs in June compared with 345,000 in May, according to Wall Street economists. The unemployment rate is projected to hit 9.6pc – the highest level since 198.

Alot of the analysts that keep going on about the economy and that mass unemployment will get better had to eat a bit of humble pie. This mass unemployment came with news that Further gloomy news came from the housing market, where US mortgage applications fell to a 7-month low as the number of homeowners applying to refinance their mortgage fell by 30pc.

With these mass unemployment figures out now, I must tell you I have always  been a big believer in figures, and not those made up ones seen by the mainstream media. But the people shouting and screaming that things are OK, better take a good look at these figures and take a long hard look at themselves and what is coming down the line. I am one not to spread doom and gloom, I am here to reveal to you the truth.

Mass unemployment isnt the real key issue here. Lets digress here, people who dont have jobs, cant pay off debt….and those in debt that cant pay the banks off. And those people that cant pay the banks off…..well you see my point here. This is a vicious cycle we are going to see continue to put strains on many families across the globe. As people lick their wounds from 2008 and suffer their deeper debt holes in 2009, things could get tight.

If I was able to talk to someone that came from the 1930’s (depression era) I am sure they would say they are having a deja vu like experience right now.

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Tags: debt, mass unemployment, || ECONOMY ||

This entry was posted on Friday, July 3rd, 2009 at 9:15 am and is filed under || ECONOMY ||, || GENERAL ||. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.