This is the scariest economic chart I’ve seen in quite a while.
I am convinced that the latest unemployment numbers misrepresent the current state of the economy. There has been a large decrease in the number of people “in the labor force” (self-reported, estimated via survey data). The number of people employed is at historic lows. The number of people under-employed is at a historic high. The number of people who have become discouraged and are no longer looking for work is at a historic high.
And now, there is this alarming report on gasoline consumption.
I suspect the mainstream media will be using the word “unexpectedly” in the next few months.
A large tip of the hat and a referral for a thorough discussion to Charles Hugh Smith and his blog at www.oftwominds.com -> Why Is Gasoline Consumption Tanking?.