Monday, October 5, 2009

The Jobs Picture: A reality check.

In an October 2, 2009 report, the Economic Policy Instutute takes a look at the current jobs picture and future prospects. Here are some key findings:

The unemployment rate rose to 9.8% in September 2009.

Since December 2007, when the recession started, some 8 million jobs have been lost.

From December 2007 until October 2009, the country needed to add 2.7 million jobs to keep up with population growth.

In total, we are 10.7 jobs short of what we need to return to pre-recession employment levels.

We need ADD over ½ million jobs per month for the next two years in order to return to pre-recession employment levels.

A third of the current unemployed have been jobless for over six months.

If the jobless who want work but have given up looking and people who want full time work but are being forced to work part time are inclueded, the unemployed and underemployed represent 17% of the U.S. workforce—one in six American workers.

Some groups have suffered more than others. Here is a breakdown of the percent unemployed by group:

Black workers=15.4%

Hispanic workers=1.27%

White workers=9.0%



High school educated (age 25 & older)=10.8%

College educated=4.9%

Good news: The American Recovery and Reinvestment Act (ARRA) is estimated to be saving or creating 200,000 to 250,000 jobs a month. Still, we have a long way to go and need to do much more. See my recommendations in another post.


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