State of the US Labor Market:
- The share of long-term unemployment is at its highest level since the Great Depression (42%).
- Fully 54% of college degree graduates under the age of 25 are either unemployed or underemployed.
- 45 million Americans are on food stamps — one in seven residents.
- 47% of Americans are on some form of government assistance.
- The employment-to-population ratio for 25-54 year olds is now 75.7%, lower than it was when the recession supposedly ended in June 2009.
- The number of people not in the labor force has swelled eight million since the recession ended; absent that effect, the unemployment rate would be 12% right now.
- The number of people confident enough to leave their jobs fell 11% in May for the second month in a row to 891k, the lowest since November 2010.
- The ranks of the unemployed who have been looking fruitlessly for work for at least 27 weeks jumped 310k in May, the sharpest increase since May 2011.
- The unemployment rate for males aged 16-19 is 27% and for males between 20 and 24 it is 13%. Draw your own conclusions from a social (in)stability standpoint.
- One in seven Americans are either unemployed or underemployed.
- Only one in six of the youth are working full-time and three-in-five are living with their folks or another relative (as per the NYT).
- A mere 16% of the 2009-2011 graduating class has found full-time work, while 22% are working part-time. Even those hired from 2006-08, just 23% are working full-time.
- According to a poll cited in the NYT, just 14% of high-school grads today believe they will have a more successful financial future than their parents.
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