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Why job market is even worse than you think
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| Contributor | Guy |
| Last Edited | Guy Feb 02, 2008 04:11pm |
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| Category | Analysis |
| News Date | Saturday, February 2, 2008 03:05:00 PM UTC0:0 |
| Description | Nation's first job loss in more than four years tells only part of the story of the weak labor market. The ranks of the long-term unemployed are growing.
NEW YORK (CNNMoney.com) -- A government report on January jobs showing that employers trimmed payrolls for the first time in four years set off alarm bells.
But the report, which was released Friday, tells only part of the story about the underlying weakness in the labor market.
The number of Americans out of work for at least six months is rising - reaching levels more typically seen deep into a recession or period of job contraction, not at the beginning.
For all of 2007, about 17.6% of those who were unemployed had been out of work six months or more. That compares to only 11.4% who were long-term unemployed in 2000.
And while the unemployment rate dropped to 4.9% in January from 5% in December, the latest reading showed 18.3% of the unemployed have now been out of work for at least six months.
"You have to understand that 5% unemployment today is worse than 5% unemployment 10-15 years ago," said Jason Furman, senior fellow, Brookings Institution. |
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