Confounded Interest ^ | 05/12/2012 | Anthony B. Sanders
There is something wicked in the employment numbers. The number of disabled workers has increased by 2,209,000 since July 2010 while the average weeks unemployed grew from 32.6 weeks to 42.0 weeks.
The almost meaningless civilian unemployment rate, however, gives a distorted view of what is really happening. As we know, the civilian unemployment rate has fallen to 8.1% from a high of 10.0% in 2010.
Rather than focus on the percentage of the labor force that is unemployed, let’s look at the actual number of unemployed: 12,500,000. Like the unemployment rate, it shows a similar downward trend which trumpets “recovery!”.
But “Something Wicked This Way Comes!” in the employment numbers. Since July 2010, a curious thing has happened. The number of people claiming disability has risen by 2,209,000. Even more worrisome, the average weeks unemployed rose from 32.6 weeks to 42.0 weeks. Neither a good trend for the jobs market.
THIS is an employment recovery?
I have prepared a scorecard for our progress on the employment front since July 2010. The number of people going on disability is 100,000 greater than the decline in unemployment.
Based on these numbers, I would say that the unemployment rate actually rose rather than falling since July 2010. And the number of weeks employed rose by 9.4 weeks.
Economic recovery or Something Wicked?
(Excerpt) Read more at confoundedinterest.wordpress.com ...
