Mike Shedlock
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On Friday, I lost a bet made in March of 2010 regarding unemployment. I bet that the unemployment rate would not dip below 8% before June 2015.

I crunched numbers many ways and simply decided there is no way the economy could possibly grow enough jobs. It didn't and still won't.

I posted this chart at the time.
 
At the height of the housing bubble, the economy only added 212,000 jobs a month. I figured we would not come close to that, yet even if we did, that still would not be enough.

A miscalculation got into my way, otherwise known as a plunge in the participation rate.  I knew full well the participation rate would drop on account of boomer demographics. But I never expected the plunge we got.

Monthly Job Growth 1999-2009

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Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
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