April brings showers and yet another sad employment report. The new official unemployed tally is 12,500,000 with an unemployment rate of 8.1%. We calculate below an alternative unemployment rate of 16.62%, which shows 26.72 million people need a full-time, real job.
Pundits and press love to gush over the employment report the minute they see proof of life Yet, things are still not rosy. The new official unemployed tally is 12,806,000. The average length of unemployment is still very high, 40.0 weeks, even while dropping a 10th of a percentage point from last month.
While the pundits and press gush over this month's employment report, things are still not rosy. The new official unemployed tally is 12,758,000. The average length of unemployment is still very high, 40.1 weeks.
People unemployed for 27 weeks or more is now 42.2% of the total unemployed, or 5,518,000 million. This number has barely budged as a percentage of total unemployed in comparison to pre-recession and historical levels.
The October unemployment report is yet another disappointment, with not enough jobs to keep up with population growth. The jobs situation has been dismal for 46 months. While the average time being unemployed decreased -2.72% from last month, the length of unemployment is still at record highs.
The September unemployment report is yet another disappointment, with not enough jobs to keep up with population growth. The jobs situation has been dismal for 45 months. Now we have a new record, the average duration of time being unemployed is at record highs for as long as the BLS has kept track, 1948. Below is the graph, which looks like a time bomb.
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