THE UNEMPLOYMENT RATE CONTINUES TO DROP
This morning we got news that the unemployment rate fell from 6.7% down to 6.3% with the addition of about 288,000 new jobs. Are you happy and confident with your work situation? Are your circle of friends finding it easier to find good jobs this year?
Some of this drop in percentage of the unemployed is because over 800,000 people left the work force. That means they are no longer being counted as wanting or looking for jobs. Additionally, the participation rate of all people in America fell to 62.8% which is a number so low that you have to go all the way back to 1978 for the last time that happened.
Many People No Longer Bother To Look For Jobs
It seems that much of the reason the unemployment rate is going down is that many people are just giving up. Those people that give up aren’t counted in the statistics and so those statistics look better. Then there is the problem that many of the new jobs that are hiring are ones that pay only minimum wage and are not high paying jobs. For the middle class of this country to have a resurgence, they not only need jobs but jobs that pay a livable wage. Those kinds of jobs are hard to find in 2014.
President Obama did not go on the offensive this morning to tout the “great” unemployment numbers. This should also tell you that something is wrong. While the numbers say things are getting better, real people know better.
People Continue To Go To School
If you can’t find a job, what other alternatives are there? Going back to school is one of them but that leads to more debt. Also there is no certainty that any new education will ever result in increasing the chance of meaningful employment or a pay raise. Nevertheless, people are willing to take the risk and they are in constant search mode for academic grants or any other type of government help they can find to lessen the cost.
It is sad that we are slowly becoming a nation of people who can only get jobs we are over qualified for. When you go to McDonalds or some other fast food restaurant, talk to the manager and ask about their situation. Chances are that they will have a college degree that has never benefited them in the least. They might even be trying to pay back student loans for a degree that has nothing to do with restaurant management.