Absar
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For all the pain caused by the Great Recession, the job market still was not in as bad shape as it had been during the depths of the early 1980s recession until now.
With the release of the jobs report on Friday, the broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.
In all, more than one out of every six workers 17.5 percent were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982.
This includes the officially unemployed, who have looked for work in the last four weeks. It also includes discouraged workers, who have looked in the past year, as well as millions of part-time workers who want to be working full time.
The official jobless rate 10.2 percent in October, up from 9.8 percent in September remains lower than the early 1980s peak of 10.8 percent.
Nearly 16 million people are now unemployed and more than seven million jobs have been lost since late 2007.
But there are many more people who would like to be working full time and have been able to find only part-time work, according to the governments monthly survey of workers.
More can be read from: http://www.nytimes.com/2009/11/07/business/economy/07econ.html?hp
With the release of the jobs report on Friday, the broadest measure of unemployment and underemployment tracked by the Labor Department has reached its highest level in decades. If statistics went back so far, the measure would almost certainly be at its highest level since the Great Depression.
In all, more than one out of every six workers 17.5 percent were unemployed or underemployed in October. The previous recorded high was 17.1 percent, in December 1982.
This includes the officially unemployed, who have looked for work in the last four weeks. It also includes discouraged workers, who have looked in the past year, as well as millions of part-time workers who want to be working full time.
The official jobless rate 10.2 percent in October, up from 9.8 percent in September remains lower than the early 1980s peak of 10.8 percent.
Nearly 16 million people are now unemployed and more than seven million jobs have been lost since late 2007.
But there are many more people who would like to be working full time and have been able to find only part-time work, according to the governments monthly survey of workers.
More can be read from: http://www.nytimes.com/2009/11/07/business/economy/07econ.html?hp
