Unemployment is up and more so than the media and government are telling you. The unemployment number of 8.9% does not include those who no longer qualify for unemployment benefits and do not include the under employed (those working part time or low wage jobs to get by).
But there is another group of workers who are basically under employed if not drawing no income and thus, may as well be unemployed.
There are 10's of thousands of salesmen out there working on a commission basis who are bringing in no income. They are not counted in any government reports. They basically are not counted. Yet, they are in a very distressed situation making 50% or less than what they have in previous years. This sales workforce is fighting against the economy to get by and are losing. They are slowly adding to the loan default problem and their numbers are increasing exponentially. The under-commissioned salesmen are going to become a major problem for the economy. It will result in much more unemployment in the near future, lower GDP, higher foreclosure rates, higher defaults.
We talk about the next shoe to drop, but has anyone thought about the impact due to the lost income for commission based salesmen?