In the six decades since the government began compiling such data, the highest level of unemployment came at the end of 1982, when it hit 10.8 percent. Despite the widespread assumption that the recession has already ended, and even as the economy has resumed growing, the government’s latest snapshot of the labor market released Friday testified to the uncomfortable truth that expansion had yet to translate into jobs.
The unemployment facts:
-1 out of 10 members of the workforcs is unemployed (that's 15.7 million people),
-For every 10 unemployed people, more that three have been unemployed for at least six months,
-Including part time, but want to work full time and discouraged workers (individuals who have given up looking for employment), the jobless rate is 17.5 percent,
-The last time unemployment was this high was in 1983, it took almost 5 years to return to pre-recession levels of unemployment.
In summary, we have unemployment that was worse than expected. Stimuli such as extending unemployment benefits as well as the first-time home buyer tax credit is barely keeping us above water.
On the next blog..."What cures a big recession?"
