Gee, only 36,000 jobs disappeared in America last month! Everything is coming up roses! We’re in the money! You’re out of the woods, America!
That’s the spin today.
Unfortunately, the U-6 tells a completely different story.
What’s the U-6, U ask? This:
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force
What is that number, U wonder? 16.8. Close to one out of five Americans is out of work or woefully underemployed – not by choice.
That number is up year over year since 2009 by 0.8. It is not as high as it has been recently, but it is still a very, very bad sign that things are not good – at all. It is also a clear indication that the spin is nonsense. Things are not getting better.
Hell, 36,000 jobs disappeared in the last month, folks. It doesn’t take a rocket surgeon to figure out that this is not – in any way – good news. Saying we’re bleeding less jobs is not saying that we are adding jobs.
The U-6 says that the tourniquet is slipping. We are bleeding out, economically-speaking.
Well, unless you are a Federal employee, that is. Then you have lordly wages and lavish benefits.
My son’s been out of college for almost two years. He, as is the case with more than a few of his friends, doesn’t have a job. All would have multiple employers banging at their doors in a better economy. I’d wondered if anyone was tracking groups like this, that don’t otherwise show up as unemployed.
There’s a number of demographics “falling between the cracks” and not showing up on any official figures.