Is Old-Fashioned, Personal Service Dead?
This morning we got yet another indication of just how difficult things are for the working person. At 8:30 this morning, East Coast Time, the Bureau of Labor Statistics reported that another 885, 000 filed a new claim for unempoyment insurance. These are people who had not filed before, and adds to the already 22 million who are currently out of work.
This number was so bad that it was fully 10% above the most bearish estimate on Wall Street. And represents the very worst Initial Claims number in the past 90 days.
Now most of these new claimants are in the Service Sector of the Economy. Just that part of the economy, which had been demonstrating the most amount of growth over the past decade.
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