Today’s unemployment data contain gloomy news. Gloomy, but expected. The interpretation of the data is even worse.
First, the data. Unemployment rose to 10.2 percent last month, breaking the double digit barrier. Most people expected it to happen, though the job loss (190,000) was a bit worse than most economic forecasts (175,000). We can maybe be happy that the October job loss wasn’t as high as September (263,000), but this modest deceleration doesn’t mean much to the 15.7 million people without work, the 9.3 million people working part-time but looking for full-time, or the 3.2 million people who are discouraged or marginally attached to the work force and barely even looking anymore. Nearly 20 percent of the workforce isn’t where it wants to be.
In other words, it’s bad. You don’t need me or the Bureau of Labor Statistics to tell you that.
The interesting part is where it’s bad and what to do about it.
More »»
Help us spread the word about these important stories...
Bookmark/Search this post with: