Bad news and worse news for Labor Day

Real bad news in advance of the US Labor Day weekend: "Jobless Rate Soars to 9.7%" (although employers cut jobs in August at their slowest pace in a year). Worse news: "Actual Unemployment Rate Hits All-Time High of 16.8%." The official rate counts people who are unemployed and who have looked for work within the previous four weeks; the unofficial rate includes unemployed or underemployed people who have given up on seeking employment. The official rate is designed to make politicians look better than, or at least not as bad as, they otherwise would. The unofficial rate provides a more accurate picture of the condition of the economy. Let’s hope things start looking up in September. One piece of good news today is that SEMI reports that it expects 64% year-over-year growth in fab spending in 2010.