.."There are still many people who want a job but are not counted as unemployed because they have not been looking for work," Pressman added.
The labor force participation rate remained stuck at 62.8% (a 36-year low) in June for the third consecutive month. Before the Great Recession, which officially began in December 2007, the labor force participation rate was 66%.
Nonetheless, the LFP rate continues to improve. Its up YOY.
Another major problem is the kind of jobs added, and here's why...
The bulk of job creation last month came from low-paying sectors. High-paying industry job growth, meanwhile, lagged - a trend that has endured since 2008.
Yup. Just like during the Bush years. Private industry is not doing the trick. That's why Obama keeps trying to seed new industry. This is where Congress could be helpful but Rs refuse to do anything. Instead, Rs want to kill the Export/Import Bank which helps produce good paying jobs in this country.
Also, a good chunk of the jobs created in June were part-time jobs, although workers wanted full-time employment. According to The Wall Street Journal, only one in five of the long-term unemployed has returned to lasting, full-time work since 2008...
Nonetheless, full time jobs are up YOY.
In fact there are areas of the country that are booming.
Yeah, like North Dakota because of fracking.
Not just ND...........SFO, Seattle, Denver, Austin, Houston, Dallas, Nashville, Grand Rapids, Charlotte, most of Florida, Cincinatti, Portland, Raleigh-Durham, Las Vegas, San Jose, Des Moines, San Diego, LA, Sacramento, Atlanta, San Antonio, Missoula, New Orleans, Bridgeport, Salt Lake City.....to name a few. All metro areas mentioned are experiencing > than 2% employment growth YOY. |
