The problem with going back to work

October 13, 2014

Some silver clouds have gray linings.

On the surface, the most recent U.S. jobs report brought good news, with the unemployment rate falling to a six-year low of 5.9 percent.

But the news isn’t all rosy. The number of Americans on the outside of the labor force looking in hit 13,346,000 in September, a high since the December, 2007, start of the Great Recession. The graph of those not in the labor force is disturbingly parallel to the trend of recovery in non-farm payrolls.

Further, the number of underemployed, while steadily improving, remains frustratingly high, with 7 million people working part-time out of necessity, and the number of unemployed, marginally attached and part time workers at 11.8 percent.

The news is even more bleak for black and Hispanic workers, who are suffering unemployment rates of 11 percent and 6.9 percent, respectively.

For workers on the margins, little wonder this recovery hasn’t felt much like a recovery.

3 comments

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Can I say, “I told you so”?
All the Obama cumbaya is a farce.

Posted by JustProduce | Report as abusive

There is no ‘recovery’ for middle America, and it angers those who are experiencing the non recovery to hear the media and political out of touch elites claim there is a recovery. It was the banks and well off who recovered through the Federal Reserve, and they too appear to be about the join the rest of us as the market is tanking.

Posted by anotherfakename | Report as abusive

Still slaving away at 40% below my salary at the time George II got his mitts on the economy and the Wall Street Casino blew up. But as the old saying goes it is a “lot better than a stick in the eye”.

However I am someone more than PO’ed that the government counts me as a “victory”, like they have won something – well they have gained a much-lower spending consumer (not contributing much to the ‘consumption’ economy and paying much lower taxes). They forgot in their statistics to include a statistic for “working victims” alongside the “discouraged workers” of the ought decade’s economic “policies”.

Posted by Twain | Report as abusive