From the Associated Press
The number of Americans unemployed for 27 weeks or more in the US is over 5.9 million.
The most on record from 1948.
18% more than 90 days ago.
Long-term unemployment 38.3%.
Americans out of work for 14 weeks or less is 6.3 million, down from 7.1 million in August.
An 11% decline.
I've taken the occasional Porter Stansberry newsletter over the years, and have found the writing and the research to be good, the investment ideas, meh.
"Within the next 12 months, the U.S. Treasury will have to refinance $2 trillion in short-term debt."
Porter's analysis? They're gonna print it.
From Monty Guild, Guild Investments
Facts Evaporate Myths
Myth 1. China is dependent upon exports to the U.S.
Of total Chinese exports, 38 percent go to emerging markets, 21 percent to the European Union, 18 percent to the U.S. and 8 percent to Japan.
Additionally, exports have fallen to about 14 percent of China’s GDP if you include only the value added in China.
Total exports including those partially manufactured goods brought into China from other countries (and which have value added in China before export), make up about 30 percent of China’s GDP.
The fact is that exports to U.S. make up somewhere between 2.5 percent and 5 percent of China’s total GDP.
Infrastructure and consumer sectors have replaced exports as the main drivers of China’s GDP growth.
Myth 2. Very little is manufactured in the U.S. any more.
Merrill Lynch provides us with the following facts ‘…the U.S. is still the largest manufacturer by a long shot, making up 20 percent of the world’s total manufacturing output.
Furthermore, when focusing on the value added (as defined by the World Bank), the U.S. contributes more than double the production of the next largest producer, China.’
Myth 3: The U.S. does not export much except software and weapons.
Fact: The U.S. is the world’s third largest exporter (Germany is number one, and China is number two).
The U.S. exports value added industrial chemicals and supplies, capital goods like production machinery, computer and telecommunications equipment, motor vehicles and parts, and aircraft and aircraft parts.
The U.S. also is the world’s leading exporter of food, feed, and beverages.
Additionally, many billions of dollars in consumer goods, medicines, and media and entertainment products are exported by the U.S. each year.