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April 3, 2010

Despite hype, unemployment news is grim

Steve McCann
The Obama administration and their sycophants in the (once)-mainstream media trumpeted the increase of 162,000 jobs in March claiming that the recovery in underway and becoming entrenched.  This included 48,000 part-time workers for the Census and another 40,000 new part-time jobs in the rest of the economy.

Nevertheless, behind these headlines the data from the Bureau of Labor Statistics also reveal a grimmer side of the picture.

The number of long-term unemployed (more than 27 weeks) in March rose to more than 6.5 million.  The percentage of people unemployed for 27 weeks or more also rose to a record 44.1% of all jobless.

The figures also showed the average earnings per hour dropped and the number of people working part-time increased.

The underemployment rate -- which includes part-time and those who have given up looking increased to 16.9% from 16.8%.  At some point soon many of those who have given up looking will re-enter the workforce in search of employment and thereby exacerbating the unemployment rate.

Further, the latest Gallup Daily tracking (yes, that right wing outfit) found that 20.3% of the U.S. workforce was underemployed in March, up from 19.6% in December and higher than the previous month.  Per Gallup:

As unemployed Americans find part-time, temporary, and seasonal work, the official unemployment rate could decline.  However, this does not necessarily mean more Americans are working at their desired capacity.  It will continue to be important to track underemployment to shed light on the true state of the U.S. workforce.

Further in the construction sector, which was touted to be helped by the Obama stimulus bill, the unemployment rate remains at 24.9%?

So despite the headlines, the stock market indices (which are artificially high) one must keep in mind the quote from Secretary Geithner:

"[The unemployment rate] is still terribly high and is going to stay unacceptably high for a very long time"


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