September 2, 2013

Labor Day FOD

I am fortunate that most of my friends and family are gainfully employed, or comfortably retired.  That isn't to say that they all haven't seen struggles.  Most have seen their income drop or level off while the cost of living rises.  Many have changed their spending habits, and lifestyle to accommodate the hit to their bottom line.

I do know several teenagers that have struggled to find work.  Traditional summer and after-school jobs have been filled by over-qualified 'adults' that have taken any job they could to bring some money in.

Sooner than I like to think about, my oldest child will be graduating from college and trying to embark upon her career - we joked last night at dinner about whether or not she would be living at home at that point.  It is disheartening to think that kids can do all the right things with their education and still struggle to find work and achieve the American dream.

As of 1 August 2013, the U1 category is currently 3.9% with 6.2 million unemployed longer than 15 weeks.  The U3 category is 7.4% with 11.5 million “officially” unemployed.  The U6 category is 14.0% with 21.8 million underemployed or unemployed.  These high unemployment rates have been consistently high for 5 years after the Great Recession and during tenure of the Obama Administration.  While the stock markets have doubled during this period of time, unemployment rates have stayed essentially the same.
Thanks for all that hope and change, Blowie.

Chart and info from here.

No comments: