Academic

CHANGE: Gallup: Unemployment rate back over 10%. ?In yet another harbinger of tomorrow?s officia?

By Glenn Reynolds

CHANGE: Gallup: Unemployment rate back over 10%. “In yet another harbinger of tomorrow?s official jobless report, Gallup shows a sharp increase in unemployment for September, pushing their estimate of joblessness to 10.1%. The pollster also warns that tomorrow?s figure will miss some of the change, which will likely lull some into a sense that no action is needed. . . . With unemployment rising again, the upcoming holiday season could be another disaster like 2008. Job insecurity will result in more savings and more frugality in a season that makes or breaks retail businesses. The pending tax hikes will also have some with cash less likely to part with it as well. With that in mind, retailers are going to hire fewer people this holiday season in anticipation of lower demand, and Gallup warns this will mean a brutal fourth quarter for the economy.”

Full post as published by Instapundit.com on October 07, 2010 (boomark / email).