The number of people who gave up looking for work because they believe no jobs were available increased by 206,000 from a year earlier to 1 million. The number of individuals who were working part time increased by 432,000, twice the number of jobs created. Full time jobs actually declined by 272,000.
The U6 unemployment rate is the widest measure of unemployment the government calculates. The U6 measure of unemployment significantly increased rising from 13.8% in May to 14.3% in June, clear evidence that the labor market is getting worse.
The recession’s unemployment rate peaked in October of 2009 at 10% when the labor participation rate was 65%. Had the participation rate continued at 65%, the “official” unemployment rate in June would have been 9.7% rather than 7.6%.
According to the BLS, in June there were 6,580,000 people out of work who “want a job now” but who BLS excluded from the ranks of the officially unemployed, including those who were too discouraged to look for a job in the past 30 days. Adding these people back into the labor force produces an unemployment rate of 11.3%, again well in excess of the “official” 7.6%.
What misleadingly appears to be an improvement in the labor market is actually stagnation at best. This is not a labor market in recovery. It’s an economy in serious trouble.
conservatives realize the truth in this, libs don't.
Conservatives live during the daylight hours, Libs sulk around in the dark.