RIF Drift

Out in Bethlehem they're killing time
Filling out forms, waiting in line
--Billy Joel

The headline unemployment rate crossed 10% today. Months ago pundits/bureaucrats claimed that we'd never get there. My sense is that we'll head higher still.

The less reported U6 number, which is more in line with how we measured unemployment years ago, is now above 17%. In the 1930s, this number hovered around 20%.