Elections have consequences. Vote for a liar and his magic beans who promises to spend trillions and plug the gap with insane fiscal policies that will turn America into Greece, and businesses will begin scaling down their operations, closing down and hiring fewer people or no people at all. Unemployment will go up. Benefit use will go up. And the Unemployer-in-Chief will demand higher taxes to pay for the bureaucracy that distributes the benefits which will drive out more businesses which will leave even fewer jobs. Then one day we’ll wake up to find out that we’re Sub-Saharan Africa and Greece is sending us foreign aid.
In completely unrelated news, the unemployment is now at its highest rate since the spring and rose sharply in November. But luckily nothing of any economic importance happened in November. Doubtlessly the December figures will look great and will serve to remind us that the recovery is underway. And by recovery, I mean a giant flaming crash of a recovery.
U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.8% for the month of November, up significantly from 7.0% for October. Gallup’s seasonally adjusted unemployment rate is 8.3%, nearly a one-point increase over October’s rate.
It is unclear what caused the increase in the unemployment rate in November, although some experts speculate that it was caused by jobs lost as a result of superstorm Sandy. It is also possible that lackluster holiday hiring is to blame.
What else happened in November? We’ll never know.