unemployment update

Just the other day, my little cousin asked me how the economy is looking. Clearly, I am the go-to for this sort of information, since I live and work in DC. I replied that according to the latest reports, the worst was supposedly behind us. News reports claimed that more jobs were being created and experts were predicting that the unemployment rate was decreasing. However, after just doing a little bedtime reading, I clearly need to retract that statement. The latest December data is in and instead of a decline in the unemployment rate, as predicted, it has actually remained at 10 percent or so, a percentage it has been at for some time. News to me, however, is that if you factor in discouraged workers who have actively stopped looking for a job and those who have to settle for part-time work, the rate is actually a staggering 17.3 percent. That, my friends, is absurd. Clearly, these experts who were predicting that the unemployment numbers for December were taking a turn for the better were just flat out wrong. And adding this new dynamic of discouraged and part-time workers makes the situation seem all that more daunting. When in the world are we going to see a recovery?


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