This really shows graphically that the recent drop in unemployment is not due to new jobs. Rather, it has been caused by people giving up & leaving the workforce. Of course, this does not count people who are underemployed (i.e. recent college grads working as baristas because they can't find anything better). I've been making this point for the past year or so - the unemployment rate dramatically understates the impact of this recession. Read the full report here.
Wednesday, February 9, 2011
Moving On or Giving Up?
Great report out today on the real unemployment story from the Roosevelt Institute. Borrowing Figure 1:
This really shows graphically that the recent drop in unemployment is not due to new jobs. Rather, it has been caused by people giving up & leaving the workforce. Of course, this does not count people who are underemployed (i.e. recent college grads working as baristas because they can't find anything better). I've been making this point for the past year or so - the unemployment rate dramatically understates the impact of this recession. Read the full report here.
This really shows graphically that the recent drop in unemployment is not due to new jobs. Rather, it has been caused by people giving up & leaving the workforce. Of course, this does not count people who are underemployed (i.e. recent college grads working as baristas because they can't find anything better). I've been making this point for the past year or so - the unemployment rate dramatically understates the impact of this recession. Read the full report here.
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