Mort Zuckerman: The real unemployment rate for June at 14.3%, up from 13.8% in May

Jobless cc

I don’t agree with Zuckerman on the neo-civilian conservation core bit, but the essay is interesting nonetheless.

We are in the midst of a very hollow “recovery.” The thing is we have been since the tech bust in 2000. The economy all through the post-tech bubble period which then transitioned into the housing boom and bust has felt weak, even flat out fake – even in the heart of the housing boom.  Everyone could feel the debt piling up, even if they couldn’t admit it. In people’s hearts they knew that things were not going to end well.

Now we’re just further down the line, and the decline. Ain’t no recovery going on. We’re just getting increasingly conditioned.

(From The Wall Street Journal)

That brings us to a stunning fact about the jobless recovery: The measure of those adults who can work and have jobs, known as the civilian workforce-participation rate, is currently 63.5%—a drop of 2.2% since the recession ended. Such a decline amid a supposedly expanding economy has never happened after previous recessions. Another statistic that underscores why this is such a dysfunctional labor market is that the number of people leaving the workforce during this economic recovery has actually outpaced the number of people finding a new job by a factor of nearly three.

Click here for the article.