Dear Friends,
This latest NBC News Report states that more than 60,000 American jobs have been lost in less than 3 weeks. Unemployment is now at 6.1% which excludes discouraged workers who have given up looking for a job, and economists are speculating on 9% total unemployment, which would be very severe pain for the average American. In the Great Depression, Unemployment Rate went as high as 25%, i.e. 1 in 4 people were not able to find work during that era.
This is a key economic indicator to monitor. The US and World Economy will not turnaround until the Unemployment Rate in the US turns around. Right now, this rate is increasing at an exponential speed, and thus, the US and World Economy is going to get a lot worse, from here. If there is pain today, we have seen nothing yet, compared to the pain of tomorrow.
Jack Welch, the world famous former CEO of General Electric, has estimated on last night's CNBC Interview, that the GDP (Economic Growth) will be NEGATIVE 3% to 4%, and this negative GDP (Recession) will last 2 years. Personally, I think this is an optimistic estimate.
This latest NBC News Report states that more than 60,000 American jobs have been lost in less than 3 weeks. Unemployment is now at 6.1% which excludes discouraged workers who have given up looking for a job, and economists are speculating on 9% total unemployment, which would be very severe pain for the average American. In the Great Depression, Unemployment Rate went as high as 25%, i.e. 1 in 4 people were not able to find work during that era.
This is a key economic indicator to monitor. The US and World Economy will not turnaround until the Unemployment Rate in the US turns around. Right now, this rate is increasing at an exponential speed, and thus, the US and World Economy is going to get a lot worse, from here. If there is pain today, we have seen nothing yet, compared to the pain of tomorrow.
Jack Welch, the world famous former CEO of General Electric, has estimated on last night's CNBC Interview, that the GDP (Economic Growth) will be NEGATIVE 3% to 4%, and this negative GDP (Recession) will last 2 years. Personally, I think this is an optimistic estimate.
In the meantime, all we can do is offer our prayer, for those that have lost their jobs, that they will be able to find a job, any job, soon. It needs to be understood that everyone, from a billionaire to the Average Joe, from a banker, a hedge fund manager, to teachers,, to retirees are suffering from losses, whether directly or indirectly. The only exceptions are those who have their entire net worth in liquid cash, sometimes called SOLID CASH.
Best wishes,
Ooi
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