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Posted on 06/18/2014 1:26:00 PM PDT by SeekAndFind
South Carolina’s unemployment rate dropped to 5.3 percent in April, lower than in December 2007, when it stood at 5.5 percent on the eve of the Great Recession.
The share of South Carolina adults with jobs, however, has barely rebounded.
As the chart below shows, the same contrast is visible in most states. Unemployment rates, the most familiar and famous of labor market indicators, are nearing pre-recession lows. But the shares of adults with jobs — or employment rates — look much less healthy.
The reason is that the numbers are not quite two sides of a coin. The employment rate counts everyone with a job, while the unemployment rate counts only people actively seeking work. It excludes most people who are unemployed.
After most recessions, the numbers have moved in sync as the share of the population neither working nor looking has remained fairly constant. But after this recession, the middle ground has ballooned as fewer people try to find jobs.
As a result, the employment rate has become the more accurate indicator of the nation’s sluggish and perhaps permanently incomplete economic recovery.
It shows that the economy is improving. Employment rates have climbed above the post-recession nadir in every state, although the improvements are often quite small. In Mississippi, the employment rate is just 0.1 percent above its recent low.
(Excerpt) Read more at nytimes.com ...
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This for the New York Times may signal a revolutionary move, actually reporting the news. I doubt it.
This is from the NYT? Interesting. Seems to me economic news is designed so politicians can spin things any way they want. Green chutes, unemployment, tax revenues, inventory levels, core inflation and on and on.
We have the fewest people employed since I don’t know when, but IRS reporting record breaking receipts and state budgets are expanding.
The missing point - employment, the work ethic, the satisfaction knowing you can provide for your family accomplishing things with your skills.
Someone’s gonna get fired at the Times.
I don’t know why the GOP all these years hasn’t made commercials pointing out that permanently lost jobs and the labor participation rate are the worst in decades.
The unemployment rate is just propaganda even the U6 doesn’t tell the true story.
In Nevada I would bet the real unemployment rate is 20%.
The illegals are employed in all the hotels, restaurants, building sites, casinos.
Because of illegals Blacks and Hispanics who are legal workers are being screwed by the White House, chamber of Ho’s and the mega rich like Gates, Zuckerberg et al.
The Stupid Party lets the democrats set the argument and subject of debate.
In the 2012 presidential election the republicans spent most of their time and energy arguing about the War On Women instead of attacking
Obama on his atrocious economic record, lack of jobs, his take over of the auto industry, squandering the $900 billion stimulus, etc.
Bookmark
The non-working are being silenced though issuance of nominal sums of money created from thin air. SS disability, food stamps, etc.
The reckoning on the hole that is being dug is going to be incredible.
If only there was a government agency working full time to collect statistics on the labor market. One that would track trends in numbers of hires, number employed, number of people on salary vs hourly, and the average wage by industry over time. I bet that would let you paint a picture that people could recognize. If that data was on the Internet, journalists could study it. Build their own basket of middle class jobs, mid-level to skilled jobs, and track the trends in employment and wages for “regular people”, and see if they are doing better than x years ago? Unemployment rate could more accurately (but less precisely) be expressed with a 10 level code, while economists can dig into the BLS tables like they do anyway.
When I was talking to a group of mothers, several said they used to be unemployed but are now “stay at home” because it sounds better than “I can’t find a job after two years”.
LOL, I like that, raises self esteem and projects an image of economic stability. Of course, it is true. Whenever I run an ad to hire I am surprised by the number and type of people we see - some with decades of experience asking for entry level work. Times are still tough for many, a lot of businesses shuttered and never reopened. Commercial real estate is still pretty weak with lots of inventory.
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