People Gave Up Looking
Pre-Covid, the labor force force was 164,516,000.
Despite the recovery, the labor force is only up to 160,867,000.
That’s a decline of 3,649,000 people. Realistically, unemployment is understated by at least that amount.
Civilian Labor Force 1998-Present
Because of the way the BLS carefully constructs its questions, those people are not considered unemployed even if they still want a job.
The unemployment rate was distorted enough pre-Covid. Now it’s even worse.
Mish
Everyone has heard about such a popular phenomenon as depression. My child also had this problem. There was a misguided tendency on the internet and in life in general, that depression in teenagers is normal. Unfortunately, it is this neglect of your children that leads to teen suicides, bad habits, bad actions, etc. If you love your child, you should take care of their mental health. I did the same with my daughter at https://drmental.org/icounseling-com-review Take care of your children and be happy!
With this rate of unemployment people should start using other forms of currency apart from the US dollar, virtual currency like cryptocurrency are in the rising and sites like http://www.mintme.com are helping people managing your account and create token in a easy way
Unemployment hopelessness suicide,,,, while trillions go to the well connected…yes many gave up. And many are just depressed incapable of working for the illusion that their life will get better. Encourage others to practice charity . It helps their spirits even when their wallets are empty.
245K jobs added as opposed to the 460K expected. Temporary layoffs fall but permanent dismissals rise. Participation rate falls to 61.5 from 61.7
Stimulus?
Rep. Eric Swalwell
@RepSwalwell
This is batty. Americans are in dire need of food and paychecks. More people died yesterday from #COVID19 than any day since. We have work to do. Yet,@HouseGOP just motioned to adjourn Congress. What the hell are they doing?
Isn’t this a procedural stunt you ask? Sure. What makes it outrageous is a single vote now takes well over an hour to occur with #COVID19 restrictions in place. Then Chamber must be sanitized. These are final days of Congress. It’s like pulling the fire alarm during a final exam.
A little longer in this vale of tears—Pfizer is having production issues and now expects to produce half of vaccine by end of year as claimed before–50mm vs 100mm
Various officials have been mentioning for quite some time that things will not return to normal even with a vaccine, ever. Masks will become part of normal life (said the UK minister). Hand-shaking is from a previous dispensation, said Fauci.
The BLS actually addressed the labor force issue in the supplemental questions today. In reality there are 4M more unemployed but the top line numbers don’t capture it.
“About 3.9 million persons not in the labor force in November were prevented from
looking for work due to the pandemic. This measure is up from 3.6 million in October.
(To be counted as unemployed, by definition, individuals must either be actively
looking for work or on temporary layoff.) “
A much better measure is OECD stats on how many of the 25-55 are employed full-time. Unemployment stats do not provide the complement you would expect to employment numbers.
Deficit/Revenue & Debt/Revenue also provide a much better picture of where things stand than the always touted /GDP numbers. Government income comes from tax revenues, not from GDP.
Once we get to the 2Q 2021, things should improve markedly. There will probably been over 100M exposed to covid and the vaccinations combined with seasonality will put the pandemic in the rear view mirror. Not that I agree with the mismanagement of the pandemic, many thousands of lives could have been saved by implementing reasonable policies, but that is not the way it is.
There has been a large increase in savings for those on the upside of the “K” shaped recovery and hopefully the next package will help those on the down side. So the money should be there to kick things off, could start inflation though.
The SPEND and PRINT policies of the last three years have been quite a facade. Hopefully we have had enough of that.
Reality will hit hard in 2021-22. I see massive GOP gains in Congress and impeachment of Biden.
Just out of curiosity, impeachment for what?
They will find something, these days impeachment has become a purely political tool, not a legal one. GOP will not forget, and they need only 6 or so seats in the House.
Impeachment has been a political tool in the past, not so with Nixon, tho. I understand why Trump is pissed.
Gonna be tough sledding from here on out. Not sure about impeachment, but oscillating between red/blue each election cycle due to current failure wouldn’t be surprising at all.
No impeachment necessary. A few months into the presidency it will become obvious the mental faculty is not all there. The progressives will retire him. Then there will be President Harris to Harass
OOOH…scary!!
Wet dreams can happen.
It’s way past time to split the country into two or more units. Each side wants to eliminate the other – let’s just get it done and move on. I am sick and tired of Trump and his zombies and I don’t want to be a part of any country with them in it.