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.
People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels http://t.co/pgrHr9k1SR
— zerohedge (@zerohedge) January 10, 2014
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.)
Unemployment by education: No HS diploma (9.8%), high school graduates (7.1%), some college (6.1%), college or more [...]
Left: Dallas Cowboys Quarterback Tony Romo, age 17. Right: Irish Sweeper in Fall River Iron Works, age 17, circa 1900.
Dallas Cowboys Arlington, TX Attendance: 87047 Emigrants from Ireland in one year after the most recent recession
Washington Redskins Landover, MD Attendance: 83172 Number of people employed by the coal mining industry in the United States
New York Giants East Rutherford, NJ Attendance: 79019 Number of Americans the government was unable to recover and identify immediately after WWII
New York Jets East Rutherford, NJ Attendance: 78596 Number of people who applied for a one-way trip to Mars [...]
"Since employment peaked in September 2008, local government has lost 550,000 jobs."
—Hooray, America got its smaller government! Of those jobs, 345,000 disappeared in a year. But let's not even get into these August employment numbers, just released. Why bother? It's a long-term trend, the not-working, and that's the way they ("they"!) want it.
It should perhaps however be noted that the August report does some serious correction on the June and July reports: "The change in total nonfarm payroll employment for June was revised from +46,000 to +20,000, and the change for July was revised from +117,000 to +85,000." So yeah, strike those 58,000 jobs [...]
About.com, the content farm owned by the Times and one of the worst things on the Internet, looks like it's finally in trouble, due in large part to Google taking action against the Garbagenet. (These outfits depend on search results.) And also: advertisers realizing there are better ways to spend money than advertising against an empty void. In the second quarter of this year, About.com shed staff and now their real operating costs are $13.1 million; their operating profit is down 24% from last year, to $11.6 million. (That's less than $4 million a month.) To be fair, this is still a "real business": The About Group had [...]
The "real" unemployment number fell from 16.7% to 16.1% in January. The "actual" unemployment number went down to just 9%—even though there weren't a lot of jobs created in the month. The current number of unemployed people is now 13.9 million people. (Just FYI, Canada created 69,000 jobs in January!) People are still making sense of these job numbers. One thing that helps make sense of them is that the actual number of people in the labor force is now smaller, by half a million people. So yes! Unemployment is down! Fewer people consider themselves workers.
One person who went through some recent jobs data says that: "the average length of unemployment is always higher for the older cohort (45+) regardless of the level of education; generally the more education an individual has, the higher the average length of unemployment." But, but, but what about all those factories who were telling the Times they just can't find anyone to hire?