As usual the U.S. Department of Labor releases its Jobs Report the first Friday of every month. Todays report showed job growth of 120,000 and a decline in the official Unemployment Rate to 8.2%. The number of unemployed people is 12.7 million, the number of long term unemployed 5.3 million. The long term unemployed account for 42.5% of all unemployed people. Close to 1 million people were so discouraged they stopped applying for jobs. Economists had predicted a gain of 240,00 new jobs and for the Unemployment Rate to stay at 8.3%.
The report also showed that their was no reduction in the number of unemployed people and no reduction in long term unemployed people. The reason the rate fell to 8.2% was because of the million people so discouraged they stopped looking for work. This is abysmal, the report, the job growth, not reducing the number of people that are unemployed. This is the third month in a row that the number of unemployed people stayed the same; no reduction. People don’t have jobs. The unemployed are not being hired. The longer this goes on the more unemployed people will turn into long term unemployed. People’s benefits are running out, what are they to do when they can’t find a job, they run out of their savings and the government stops unemployment insurance. The job growth was half of what was predicted, half!
What kind of hope does this report give to someone thats unemployed? To me it say there is very little hope. Month after month there is no reduction in the number of people who are unemployed. Employers blatantly say they won’t hire unemployed people, how is that even legal? What if this goes on another year, what kind of state will our country be in then? I don’t understand economics well enough to know why their isn’t more job creation, enough to make a dent in the number of unemployed people. This is a crisis. I would like to see President Obama act like its a crisis; I would like to see him call an immediate meeting that included business leaders, top Republicans, economists. Then he could hear why Michael Bloomberg thinks some of the policies the Obama administration has enacted have made it harder for companies to hire people. I would like to see them sit in a room and do whatever it takes to encourage job growth. No egos, just use the best plans they can come up with. Invite Mitt Romney. There is no time for being political about this, peoples lives, livelihood, self worth and financial ruin are all at stake. I would like to see immediate action.