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The Economy: Worse That You Think!

The Economy Is Even Worse Than You Think
The average length of unemployment is higher than it's been since government began tracking the data in 1948.
By Mort Zuckerman

Highlights:

  • More companies are asking employees to take unpaid leave. These people don't count on the unemployment roll.

  • The number of workers taking part-time jobs has doubled in this recession.

  • The average length of official unemployment increased to 24.5 weeks, the longest since government began tracking this data in 1948.

  • The average work week for rank-and-file employees in the private sector, roughly 80% of the work force, slipped to 33 hours.

  • The savings rate has jumped to almost 7% of after-tax income from 0% in 2007, and it is still going up. Every dollar of saving comes out of consumption.
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