Many economists are saying that the Great Recession is over. The stock market has rallied to new heights for the year. Gross Domestic Product is growing at a healthy clip. There are glimmers of hope in housing starts, manufacturing and auto sales. Sounds promising, right? But when economists pronounce the end of the recession, all they are really saying is that some technical statistics have indicated that the economy has stopped contracting.
Unfortunately, the lagging indicator in an economic recovery is always unemployment. While the papers trumpet the turnaround, the harsh truth is that unemployment has hit its highest rate since the early eighties, tracked last week at 10.2%. This grim reality affects millions of folks who could care less what the rest of the goverment’s statistics have to say.
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