Again, I have to admit surprise- This fiasco is unfolding more slowly than I expected.
But Chrysler and GM are both closing dealerships, so those sales and service facilities will begin to feel the impact. Close behind will be layoffs in trucking and other auto-related industries like tires. Interestingly, auto parts and independent service facilities may experience increased business due to folks hanging onto their cars longer.
California and Illinois are bankrupt and both States are facing massive service cutbacks due to employee layoffs.
Last month's index was 8.12%. This month it barely changed and came in at 8.16%
There is no way the unemployment and inflation numbers will go down over the next months. The only question is, how high and how fast will they go up?
New figures, made available just after I published this post, show unemployment jumped to 9.4 percent, making the revised "Misery Index" 8.66%.
Hang on, we're just gettin' warmed up!