The Labor Department on Friday is expected to report the economy added 235,000 jobs in July, and the unemployment rate remained steady at 6.1 percent, but that hardly tells the story.
The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by the lack of decent job openings, have quit altogether. They are neither employed nor looking for work.
Only about half of the drop in the adult participation rate may be attributed to the Baby Boom generation reaching retirement age. Lacking adequate resources to retire, a larger percentage of adults over 65 are working than before the recession.
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2 comments:
No surprise here.. all government reports are designed to show a desired result, not the actual facts.
They never did tell the truth on the jobless rate during this depression, yes, I said depression. The formula used for unemployed in the 20's would have shown the same numbers during this period. They played the figures to say it was not as bad, but in truth, it was just as bad.
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