Unemployment In America, The Real Numbers
Sixteen percent of American (one in six) men in their prime working years are unemployed in the USA, this is due to technology / globalization and to an economy that is slow to recover after going through the worst recession in 75 years.
That makes for a total of 10.4-M men between the ages of 25 to 54 who are out of work, at the time in their lives in which workers should be building a solid career and have their greatest earning power, the WS-J reported.
While the jobless numbers fell to 6.7 percent in December, more than 67 percent of men in this age group say they are no longer looking for work, which means they are not counted among the unemployed by the US Labor Department.
According to the WS-J report, this is not a new phenom, but a growing trend.
Six percent of men between the ages of 25 to 54 were unemployed in the 1970s. That number grew to 13 percent by the end of year 2007 and hit a high of nearly 20 percent in year 2009. And by the end of year 2013, that number was at 17 percent.
The slow return to pre-recession levels is troubling US economists. “It’s looking worse and worse,” said Robert Moffett of Johns Hopkins University. “It’s unexpected.”
Fully 40 percent of unemployed men say they have been without work for more than 6 months, which concerns policy makers and economists because, traditionally, the longer a worker goes without a job, the harder it gets to find one.
January’s unemployment numbers (NFP) are to be released by the Labor Department Friday. Economists are expecting the government to report that the economy added 181,000 jobs, this is still considered 50 percent the number needed for unemployment to return to acceptable levels.
Further, there is growing concern about the impact that Barack Obamacare will have on the job market.