For millions, 2010 was a difficult year. Foreclosures were at a record high in 2010, and more than 1 million people lost their homes, even as notices started leveling off during the end year. In total, there were nearly 2.9 million foreclosure notices filed during the year, according to report released Thursday by RealtyTrac. That…

The unemployment rate fell to its lowest point in 19 months in December, but the 103,000 jobs created fell well short of the tally needed to bring about a sustained recovery in the labor market. See, Weak Hiring Casts a Cloud – WSJ.com.

We are likely to find ourselves in the longest period of high unemployment since the Great Depression. The way out is to allow people to keep more of their own earnings. There’s a new unemployment report out, and it shows an increase in national unemployment to 9.8%, with the “broader measure of the unemployment rate,…

In the early months of the economic recovery, start-ups of job-creating companies have failed to keep pace with closings, and even those concerns that do get launched are hiring less than in the past. The number of companies with at least one employee fell by 100,000, or 2%, in the year that ended March 31,…

Aside from Japan, which has a huge debt hangover from decades of anemic growth, the U.S. is the most extreme case. Next year, the U.S. government will have to find $4.2 trillion. That’s 27.8% of its annual economic output, up from 26.5% this year. By comparison, crisis-addled Greece needs $69 billion, or 23.8% of its…

The U.S. jobless rate was flat at 9.6% in October, but the government’s broader measure of unemployment dropped slightly to 17%, possibly due to long-term unemployed dropping out of the labor force…. The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have…

Nowhere near enough: Real GDP is still 0.8% below the prior cyclical peak, which was 11 quarters ago. Such a result is considerably worse than prior cyclical experience. Other “recent” recessions (since the 1970s) show that real GDP is usually more than 6% above the previous peak by now. Softer than usual consumption, housing, commercial…

Forecasts from Goldman Sachs of growth way too low for a meaningful recovery — We expect US growth to remain sluggish next year, as the temporary boosts from inventory restocking and fiscal stimulus wanes while final demand remains weak. If our view is correct, 2011 consensus expectations will move significantly over the months to come.…