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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (109119)2/28/2010 8:23:18 AM
From: Sunny Jim1 Recommendation  Read Replies (3) of 116555
 
<Millions of Unemployed Face Years Without Jobs

26.9 million is such a huge number that it is hard to equate to. Yet those are real people, many whose lives are permanently destroyed. Moreover, If my projections are correct, many of those jobs are not coming back for years, and most likely ever.>

What puzzles me is that with such large numbers of people without jobs or adequate jobs, how can retail sales continue to hold their own? If people still had their house ATM or were increasing their credit card debt, I could see how they could keep spending at pre-recession levels. But people are paying down debt, not increasing it. Something just doesn't jibe IMO. With the current job situation, I would expect to see retail sales at something like 90% of the bubble years sales. Do you have any retail sales data that verifies the stress in the employment situation?
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