Saturday, September 4, 2010

Robert Reich on Unemployment Report

I am confused about why the market reacted positively to the jobs report. Robert Reich explains why the report is not good. Below is the title of his post and an excerpt. Clink on link above to read the whole article:

The Great Jobs Depression Worsens, and the Choice Ahead Grows Starker
Friday, September 3, 2010
The Great Jobs Depression continues to worsen.

The Labor Department reports this morning that companies created ony 67,000 new jobs in August. That’s down from the 107,000 they created in July. And because the government laid off temporary Census workers, the economy as a whole lost 54,000 jobs.

To put this into perspective, we need 125,000 net new jobs a month just to keep up with the growth of the population and the potential workforce.

Think of it this way. The number of Americans willing and able to work but who cannot find a job hasn’t stopped growing since the start of 2008. All told, about 22 million Americans are now jobless. Add in those who are working part-time who’d rather be working full time, and we’re up to 25 million....


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