#UnderstandingUnemployment: A Closer Look at Today’s Jobs Report
Bankrupting America has compiled some of the most compelling points from this morning’s jobs report to provide greater context to the 7.8 percent unemployment rate. The economy is still struggling, and the points below underscore that fact.
We’re tweeting these facts out throughout the day with the hashtag #UnderstandingUnemployment
- Economy is stuck in neutral and Americans are struggling to get by. It’s encouraging to see the unemployment rate drop, but a closer look at the numbers shows how damaging the last four years have been and how far we still have to go. Other economic indicators reveal an economy stuck in neutral and more importantly, Americans still struggling to get by.
- Government spending has failed to provide promised relief. Washington’s spending spree over the past four years has failed to provide the economic relief promised to the American people. Government must get out of the way and allow small businesses and the American workers drive a recovery.
- Debt is weighing down the economy; it’s time for fiscal responsibility. Our more than $16 trillion national debt is an anchor on the economy and its economic growth. We can’t afford to allow Washington to put off fiscal responsibility. The millions of Americans still out of work need it now.
- The real unemployment rate stayed at 14.7%. This includes the underemployed and those who have given up looking for work.
- 23 million Americans are still looking for work. In January 2009, that figure was 22 million.
- Of the 12.1 million Americans unemployed, more than one third (4.8 million) have been looking for work for over six months.
- 802,000 Americans have stopped looking for work
- In January 2009, the average amount of time spent unemployed was 19.8 weeks. Today, the amount of time has doubled, rising to 39.8 weeks.
- Nearly one in six Americans are living in poverty, the highest number in two decades.
- Manufacturing employment edged down in September by -16,000 jobs.
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