I have some thoughts and opinions about todays Jobs Report. First its great that there were 227,000 new jobs created. Over 200,000 are the kind of numbers economists say are needed to bring us back to full employment. The unemployment rate is another story, staying at 8.3% sounds good but really isn’t. I have looked at the numbers released by the government in great detail. I wish they would break out the hires by age group; I do think there is a significant amount of discrimination in hiring of workers over 40; but I can’t back that up with anything but personal experience. Also, looking closer at the numbers the report says 12.8m people remain unemployed, the same as last month. The report also says that there are 5.4m long term unemployed, again same as last month. So, how is the situation getting better for the unemployed when the numbers of unemployed persons is not going down? How is this possible? The unemployment rate reflects the number of people looking for work, many Americans have given up looking for work; when people give up looking the unemployment rate goes down. A sign of recovery will be when the unemployment rate actually rises, that means more people are looking to get into the workforce.
So, to me these numbers are not encouraging. Having the same amount of unemployed people as last month is not a sign that unemployment is lessening; its a sign that unemployment is holding steady. Unemployed people, the number of unemployed people is what I am talking about. Not the household survey which shows the official rate of unemployment. I see no improvement. Also, I glided over the statement of the people who dropped out of the workforce and stopped looking for work. What do you think they do all day long. What do you think their outlook on life is now. The main question remains, how do we lessen the number of unemployed people in this country? The number of longterm unemployed has not been this high since the Great Depression. The effective unemployment rate is 15.1%; the unemployment and underemployment rate is over 25%. So how do we help people, people like me who are diligently looking and finding nothing?