The Job Market Is Still Awful, In 3 Graphs

Thursday, December 05, 2013

When the big jobs report comes out Friday morning, we'll hear a lot about what happened in November in the job market.

But whatever happened last month, it won't change this fact: The job market is still terrible.

The official unemployment rate — which includes only people who are out of work and actively looking for a job — is still much, much higher than it was before the recession. The same is true for broader unemployment, which also includes people who are working part time but want to be working full time, as well as those who want a job but have given up looking in the past year.

If you're unemployed, there's a good chance you'll be unemployed for a long time: The average duration of unemployment exploded during the recession and hasn't improved much since.

Perhaps most alarmingly, lots of people are giving up on work altogether. The percentage of adults who are working or looking for work — known as the participation rate — has been falling steadily for years now.

The jobs report may show that some or all of these figures are improving. But even if the job market is slowly getting better, the big picture will still be bleak.

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Source: NPR


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Comments [1]

Skip Wiley from NYC, NY

Why are we still allowing H1B work Visas to be granted when so many Americans remain unemployed ?
The cultural diversity and talent that it brings to our country does not outweigh the cost of unemployment of our citizens.
We severely lack in programs to train-up our displaced workers, where our efforts belong.
The U.S. can no longer afford to police, feed, or employ the world.
American needs to take care of itself, or it risks loosing all.

Who is going to provide for the social welfare of these displaced Americans ?
Certainly not the greedy companies who fire American workers as they approach their pension years, only to hire and tacitly enslave cheap foreign labor.

Dec. 15 2013 08:19 PM

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