The indefatiguable Dylan Matthews for Wonkblog finds a stunning graph:
Writes Matthews:
The core issue here is that the unemployment rate only counts people
actively looking for work. That means there are two ways to leave the
ranks of the unemployed. One way — the good way — is to get a job. The
other way is to stop looking for work, either because you’ve retired, or
become discouraged, or begun working off the books.The yellow line on the left shows the official unemployment rate
since 2008. It’s fallen from over 10 percent to under 8 percent. But the
red line on the right shows the actual employment rate — that is, the
percentage of working-age adults with jobs. What should scare you is
that the red line has barely budged.
What does this mean? America isn't gaining job holders, just losing job seekers.
Kit Stolz 