California Unemployment Rate Hits New Record, Michigan Unemployment Picks Up Again

Tyler Durden's picture

The unemployment rate in California has hit another record, at 12.2%, while the temporary reprieve in Michigan, which may have been due to a temporary pick up in labor as a result of CfC, is back to losing jobs: after hitting a record 15.2% in June, and dropping to 15% in July, the August unemployment rate is once again at the 15.2% high. Only 17 states reported declining unemployment rates in August, led by Indiana (-6.6%), Colorado (-6.4%) and Virginia (-5.8%). On the other end, the biggest labor losers were: New Mexico: 7.1%, Nevada: 5.6%, Louisiana: 5.4%, District of Columbia: 4.7%, and New York: 4.7%.

All this information is, of course, useless - we all know unemployment is a lagging indicator. If you think it is relevant at all to a vibrant economy and to a stock market that reflects more than the bipolar mood swings of Atari's vacuum tubes, you should be taken out back and shot like the unpatriotic dog you are.

Source: BLS