Why the job market is worse than you think

[Lone_Star_Dem]

Source: CNN Money

<snip>

Economists surveyed by Briefing.com are forecasting that the unemployment rate will remain at 5% in Friday's report. However, it's worth a reminder that this is up from just 4.7% in November. And economists expect an addition of 70,000 jobs in the month, only a modest increase.

But the jobs numbers may be even worse than they first appear. That's because the number of Americans who have been out of work for six months or longer is on the rise.

Harder to find a new job The number of long-term unemployed stood at a seasonally-adjusted 1.3 million in December, up about 22 percent from year-earlier levels. The full-year average for 2007 was 1.2 million long-term unemployed, nearly double the reading for 2000 -- just before the last recession.

For all of 2007, about 17.6% of those who were unemployed had been out of work six months or more. That compares to only 11.4% who were long-term unemployed in 2000.

"You have to understand that 5% unemployment today is worse than 5% unemployment 10-15 years ago," said Jason Furman, senior fellow, Brookings Institution.

<snip>

Read more: http://money.cnn.com/2008/01/31/news/economy/longterm_unemployment/index.htm?postversion=2008013115

[truedelphi]

1. So why don't they just find some way of offering us real numbers?

Can it be that hard to do?

It tells you something when a WalMart opens and offers 124 positions and 2100 people apply.

But my bet is that it is better for politicians (especially Bush) that the long term unemployed remain unnoticed.

[DS1]

7. The Bush admin killed off the agency/program that kept track of people

out of work for over 6 months, and simply reclassified all those people as simply 'not wanting to work'

[truedelphi]

9. If I didn't want to work,

I'd simply run as a Bush-style Presidential candidate!

[Demeter]

15. "Wouldn't Be Prudent!" ---"Poppy" Bush

[maseman]

2. Voodoo math man

Ok so the unemployment is 5%. Yes there are jobs out there. Burger flipper and "Welcome to Wal-Marters." The bottom line is a crappy hourly job with little or no benefits ave replaced the $25/hour manufacturing jobs with decent to good benefits. That is the real problem that no one seems to talk about.

[dbonds]

3. They also don't include the McJobs.

People that took a low paying job just to have something while looking for the professional job they had and are qualified for.

[Lone_Star_Dem]

5. Ah yes, the underemployment factor.

The people who make 1/2-1/3 of their previous wages but are employed all the same. They fall off the rolls and you hardly ever hear a peep about them again. Well, that is until they're not consuming at a rate they're supposed to and the economy begins to sag. Then they're alloted their portion of the blame.

[izquierdista]

6. Job qualifications

Yes, I can program a multivariate model to analyze static and dynamic loads on truss members and predict when the bridge will fail......would you like fries with your model?

[sinkingfeeling]

4. I think we've been saying that for about 6 years.

[RUMMYisFROSTED]

8. 5%= 10%.

Fuck their bullshit spreadsheet games.

Debt isn't debt.
Unemployment isn't unemployment.

Fortunately, horseshit is still horseshit.

[TomClash]

10. By my quick and rough estimate . . .

. . . counting the long-term unemployed, there were 9 million jobless in December. The workforce was 146.2 million. That's 5.8% unemployment.

That does not count the 4,665,000 who had their hours cut or could only get part-time work and wanted full-time work. Counting underemployed workers, the under/unemployed number is 8.6%.

That's one out of every 12 workers.

[KillCapitalism]

11. Ha...maybe 5% in the BEST job markets.

Go to Flint, or Detroit, MI, Cleveland, Gary, IN, or my hometown St. Louis, MO and I'll guarantee you unemployment is triple to quadruple that number.

[Javaman]

12. Those areas have been in a depression for quite some time now.

those poor folks.

[Lydia Leftcoast]

13. You're counted as employed if you worked for pay ONE HOUR a week

That's certainly padding the figures.

[Ookie]

14. They also don't count those of us who are underemployed

and trying to get back the wages and benefits we had years ago. The fact is many people have lost living wage jobs and been forced, like I was, to take something at a significantly lower wage. I've just recently started making the same salary I was making in 2002. And I was fortunate to find a job with some opportunity and good benefits. I know people who's unemployment benefits have run out and they have no prospects. The fact is, you often have to take a huge pay cut just to get back into the job market. So much for decades of experience along with a college degree. Really sucks!

[conflictgirl]

16. They're not counting people like me either

I graduated from college last year and still don't have a job. I can't repay my student loans but I'm not counted as unemployed either, strange how that works. I'm thinking about grad school but afraid that would just make my overeducated/underqualified problem worse than it is now.

[truthisfreedom]

17. TAKE NOTICE PEOPLE, the reason the rethugs DIDN'T want to extend the unemployment benefits is that

it would have REVEALED how many people are remaining unemployed, further destroying their image.