Where Are the Jobs? on the Ilyce Glink Show July 10, 2011:
Barron’s titles it, “The Horror Story.” The Wall Street Journal has labeled the situation, “The Jobs Double Dip.” But if you are one of the 9.2 percent of Americans who are “officially” unemployed (the U-6, a comprehensive gauge of labor underutilization, puts the number closer to 16.2 percent), you may be desperately wondering: where are the jobs?
The week started off with ADP, a huge provider of payroll solutions, predicting that we’d add 157,000 jobs to June‘s payrolls. 85 leading economists agreed. Everything was coming up roses right?
So of course, we get 18,000 new hires instead – the smallest figure since September 2010. Adding insult to injury: May‘s job report was revised 25,000 downward, and April‘s report shed an additional 15,0000 positions.
If you include the U-6 statistics, there are now seven people out looking for every one available job. Almost half of the unemployed have been out of work for six months or longer and we don’t even properly account for those who have been out of work for 99 weeks or longer.
Where’s the big job machine? State governments continue to shed workers are as they begin their fiscal years and attempt to balance budgets. It seems like we’re going in the wrong direction.
Two years after the official end of the Great Recession in June 2009, we haven’t recovered more than 25 percent of the jobs that were lost. This is atypical to say the least. What will it take to turn this horrible situation around?