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Yes, 5% "shocked" a lot of people who were expecting the number to move to 4.8%.
5% is still pretty low in the grand scheme of things, and the unemployment rate is not the biggest problem with our economy, it's the lack of self control of our fellow citicens who bought houses they can't afford and what that could do to consumer spending. Said economic issue will only be eclipsed in the next few years by the health crisis turned economic crisis that is being caused by - yep, a lack of self control.
Just because the box of Twinkies costs $.99 doesn't mean you have to eat them, and just because the bank is willing to write a loan doesn't mean you need to buy the house.
I'm not saying we may not end up in a recession, we're just not there yet - at least using traditional analytical methods.
I love hearing how the GDP, PPI, CPI, unemployment are all bogus. Were they also bogus during Bill's bubble or just now?
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