Friday, April 12, 2013
Where are all the workers going?
America created only 88,000 jobs in March. This was disturbing at best. Even more disturbing was the report that 495,000 people disappeared from the work force...gave up looking for a job. This is the only reason the unemployment rate dropped to 7.6%. It actually increased if these folks were counted. Here is some more disturbing news. Questions have been asked as to why the Asian unemployment rate is only 5%, while it is 9% among Hispanics, and 13% for African Americans. Another shocking statistic is the fact that 9 million American workers in the age group 20-64 (almost 5%) are receiving disability, as compared to 1.5% of the work force in 1971. The workplace is supposed to much safer now that one would expect this number to be lower. The estimate for those unemployed, underemployed, or have stopped looking for employment is 14% of the workforce. The participation of eligible workers for employment has fallen to 63.3%, the lowest level going back to Jimmy Carter's administration.
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