So the "jobless recovery" continues with US unemployment creeping up close to 10%. And the evidence suggests it's good for business because it will boost profits. At 9.7%, it's just a matter of time until the official figures are in double digit territory. "Everybody is looking around saying, 'Where is a robust recovery going to come from? We're going to have elevated unemployment for four years to come," Heidi Shierholz, an economist at the Economic Policy Institute in Washington told the New York Times.

While an International Monetary Fund official told Reuters, the spike is not unexpected and is a typical lag when a country was emerging from a recession with a recovery, the worry is that Americans can't wait late long. More than 1.5 million people will exhaust their unemployment benefits by the end of the year which will mean more spending by the Government.

The perverse part about all this is that companies are actually boosting their profits by cutting payrolls and hours. High unemployment is likely to produce bigger profits. "It's great for business and terrible for households," Michael Feroli, an economist at JPMorgan Chase told Bloomberg.

Just imagine the profits once the unemployment rate goes past 10%. Too bad about the rest of the country.