60 Minutes reports: Real unemployment is 17% nationwide

I wrote previously that Spokane’s 8.2% unemployment rate estimate is off in space. With huge office, retail and industrial real estate vacancy rates, a growing population but yet non-farm jobs held nearly constant for ten years, the 8.2% rate does not make sense. There are 10% fewer jobs in Spokane County than there were in 2007.

CBS’s 60 Minutes apparently agrees, saying that actual nationwide unemployment today is closer to 17%. They interview a former Silicon Valley fiber optics engineering manager who now works a retail sales job at Target to illustrate.

(Update: CNN reports that the unemployment rate is actually 18.9%.)

Empty buildings line the streets of Silicon Valley as 75,000 jobs have disappeared.

Watch the 60 Minutes video clip.

The full 60 minutes story is located here.

Also consider this in light of the next item out of Seattle – where the news reports on just one 177,000 square life sciences building that lies empty and is on the verge of foreclosure.

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One Response to 60 Minutes reports: Real unemployment is 17% nationwide

  1. inbcsaves says:

    very interesting…

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