Friday, January 10th, 2014

What Happened To The Jobs?

Why is the unemployment rate staying relatively level (actually, a little bit "down") at 6.7%? That's because there is a shrinking pool of people who consider themselves workers. Almost 100 million Americans aren't in the workforce.

And who's in the labor force but not working? Well, one way to slice that is by education level. (You can also slice it by race, which provides equally disturbing numbers.)

That whole long-term unemployment benefit kerfuffle ended badly, which is a shame.

New jobs are in low-paying fields—and those low-paying fields are ever-more-low-paying (in particular, "leisure, hospitality and retail").

And workers have less full-time work.

This makes people nervous.

Meanwhile, a big chunk of the labor force is aging out.

5 Comments / Post A Comment

jfruh (#713)

Would be very interested to know what percentage of the people who aren't in the workforce might generously be considered "retired" — i.e. over, say, 60 — even if not working at the age they are wasn't considered part of their retirement plan 10 years ago.

@jfruh The post below is about a year old; I think it still holds true, though.

"The participation rate for the 'over 55' age group has been rising since the mid '90s (purple), although this has stalled out a little recently."

KarenUhOh (#19)

This is symptomatic of what has been a dirty little secret of the American Economy for decades, but buried under cosmetic endeavor–not that many of us need to work in order to keep the engine running.

Smitros (#5,315)

The most-noticed statistic is unemployment as cited above (aka U3), but a more meaningful statistic for how we live is U6, defined at the link, which these days is much higher.

Lisa Brown (#273,546)

With the unemoymrnt extension being denied.. The defaults on car loans, personal loans, mortgages, utilities.. On and on will be climbing in numbers. It's not like the money every week is Hugh, mine was $ 216.00 .. But it helped pay utilities so I would have the Internet to keep looking off a job.. Gas money for the car to go to the potential interviews

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