Unemployment is one of THE biggest economic problems in the United States today. Recently, however, the national unemployment rate dropped to its lowest number in quite some time.
Even with a drop, have you considered the number of people affected by long-term unemployment?
The BLS States . . .
According to the U. S. Department of Labor’s Bureau of Labor Statistics’ December 2014 Employment Report, the number of people in this group totals 8.7 million jobless Americans – 2.8 million long-term unemployed.
Room for Unemployment Concern
Now, from an economic standpoint, this number looks good, but there’s still room for concern. Literally, millions are feeling and experiencing the challenge of living on a little income daily.
Considerable numbers of people have been embarked on a prolonged job search. This group of people wants to work but can’t get jobs.
If you ask me, however, a work and employment crisis is going on here.
We’re aware of the “employment gap stigma,” and many competent workers are overlooked for jobs. This has been confirmed by the Boston Fed Scholar Rand Ghayad’s alarming study as previously discussed on the blog.
Additionally, Janet Yellen, Economist and Federal Reserve System Chief, noted a labor market slack. In her What the Federal Reserve Is Doing to Promote a Stronger Job Market Speech last year, Economist Yellen stated the following:
“ . . . I see that there remains considerable slack in the economy and the labor market. Let me explain what I mean by that word “slack” and why it is so important.
Slack means that there are significantly more people willing and capable of filling a job than there are jobs for them to fill.”
So, we see the job market factors into the unemployment situation – more than some like to admit. It needs additional improvement to hit the “full employment” range. And, it’ll take the creation of millions of jobs for this to happen.
Can we look for some type of total improvement soon when it comes to the challenge of U. S. long-term unemployment?
In 2013, Hope Yen published an AP Big Story article titled Exclusive: Signs Of Declining Economic Security discussing unemployment and poverty as
“. . .a sign of deteriorating economic security and an elusive American dream.”
Based on the data presented in this article, I don’t think we can expect total improvement any time soon. In this story, Yen concluded:
“By 2030, based on the current trend of income inequality, close to 85% of all working age-adults in the US will experience bouts of economic insecurity.”
To the 8.7 Million . . .
Though there’s been some growth, things still look a little bleak economically. Many of us are challenged by economic insecurities, such as unemployment/underemployment, now and possibly in the future for others.
I wrote this article to inform you of the reality of unemployment here, but please let none of this get you down. Don’t feel defeated.
Do what you can in this type of situation. Keep believing!
Here’s a practical exercise for you: seek the “silver lining.” Though disappointed and discouraged, you might just learn your current circumstance and the many “closed doors has been a blessing in disguise.”
For me, this has proven true in EVERY area of my life. So, I say continue to move forward with hope daily!
From Me To You: Remain positive in your situation regardless of the outlook of the U. S. economy and keep moving forward.
Disclaimer: This article features outgoing links to the works of others as noted: Bureau of Labor Statistics, Economist Janet Yellen, and Journalist Hope Yen.