Oh, goody! We finally have a jobs gain in March rather than another job loss. It’s all wunnerful now, according to the mendacious munchkins over at the Emerald House. Except it isn’t. McQ explains:
A second number to consider is those who’ve been unemployed for over 26 weeks and would work if a job was available:
According to the BLS, there are a record 6.55 million workers who have been unemployed for more than 26 weeks (and still want a job). This is a record 4.3% of the civilian workforce. (note: records started in 1948) The number of long term unemployed is one of the key stories of this recession.
It is the highest number ever recorded since records started in 1948. The previous high was 2.5% in 1983. And, as the cite points out, this is “one of the key stories of this recession” and one that isn’t yet showing signs of improving.
The hard fact is that there are more people (both in numbers and as a percentage) unemployed or underemployed than there were during the 1980s – the worst economy I personally remember. The relatively piddling number of jobs created in March – many of which are part-time census workers – will not bail this economy out.We’ve lost some 7 million jobs since this mess started. Compared to that one month of rather weak gains is not much to brag about.
Not that that is stopping the munchkins from spraining their arms patting themselves on the back.
Go read the whole post. McQ got picked for Real Clear Politics for this one. Congrats, McQ.