The number of newly-unemployed slowing down, but the headline unemployment rate will surge past 10% says analyst Dennis Gartman. And as far as the public is conerned, it’s the only number that matters:
…that is what the public hears and that is what Congress responds to; they pay little if any heed to the non-farm payrolls figure, nor to work weeks, nor to average hourly earnings, et al; they can ONLY about the unemployment rate; it is the economic sound bite to end all sound bites… is almost certain to rise from 9.8% to 9.9%, if not higher.
He continues on, suggesting that Obama should actually raise the unemployment levels to the 10% mark purely for shock:
Rest assured that the Obama Administration will be doing what it can to “lobby” the unemployment rate down, but were we the Administration we’d be lobbying to get it up and past 10% as quickly as possible to get the shock factor attendant to double digit unemployment out of the way… also as swiftly as possible.