The sheer numbers are appalling. 1.21 million Americans have given up looking for work because they just do not think there are any jobs for them. And in many cases, they are right:
A record 1.21 million people want to work, but said they aren’t looking because of the weak labor market, according to federal statistics released Friday. The June figure is up from 793,000 a year ago.
The statistic is yet another sign of how bleak the employment picture is. And these folks, known as “discouraged workers,” aren’t even counted in the unemployment rate because they haven’t looked for work in the past four weeks.
Unlike those who have given up completely, discouraged workers have hunted for a job during the past year.
Still, there’s not much hope out there for this segment of the unemployed. There are five workers for every available opening.
“Things are very, very weak and they are not expected to strengthen anytime soon. It’s going to be a long slog,” said Heidi Shierholz, a labor economist at the Economic Policy Institute, a left-leaning group.
I know things are very bad right now. The company I work for has a rock-solid hiring freeze on. No exceptions. Many of the long-term unemployed do not have skills that are transferable outside of their fields (construction for example). If their particular sector of the economy is not hiring, they are in trouble. The latest jobs report tells the story.
This is the real face of the Obama “recovery” he’s been bragging about. Desolation and discouragement.
Welcome to hope and change, Obama-style.
